Morning folks, So, BTC starts nice with our minor 1H H&S pattern, and its minimum target, OP around 28.3K area is done. CD leg shows acceleration, so after some minor bounce we expect continuation to the next ~27K area. This action is a part of our larger H&S scenario on daily chart and 26.5-27K actually is a neckline.
Morning folks, Once our 31K OP target has been hit - BTC starts to show tactical signs of weakness. It is vital for BTC to stay above 25.5-26.5K support area to keep major upside trend with 36-38K destination point. Downside breakout of 26K support level could significantly increase chances on downside acceleration. In very short-term, we consider first step...
Morning folks, So, this part of our plan is done - market hits 29.4-30K area. Let's say "thank you", JPow. Does it mean that price is already on the way to next 35.5-38K target/resistance area? I wouldn't say it yet. Just because around 30.5-31K we have resistance. And before take position for further upward action, we have to be sure that this is real upside...
Morning folks, So, market stands quiet in recent 3 weeks and we have not many thinks to add to our previous view. In short-term perspective, we still think that here we should get some upside spike, supposedly to 29.4-31K at least. THus, we do not consider any short positions by far. Concerning longs one - we follow the same tactics of searching patterns inside...
Morning folks, No big changes so far. We do not see yet the crash of bullish context. Since our major 29.4K target has not been completed yet - we could take position that could lead us there. Today we consider intraday 27.2K area as potential entry. Once major target will be hit - we need to see in what manner this will happen. If BTC will hold above 30K we...
Morning folks, So, Monday's trading plan is done more or less positive as BTC comes to upper border of consolidation. Now, we have a bit tricky situation. Bullish context is still valid here but price stands at weekly resistance area, forming daily bearish divergence and showing minor bearish wash&rinse, here, on 4H chart. So, it is not very comfortable to...
Morning folks, So, market still stands in the same place where we've left it last time, LOL. Deeper downside pullback to ~25.5K area that we have discussed has not happened and market is coiling above nearest 3/8 support area. This could be treated as short-term bullish sign. Besides, last session we've got bullish grabber on daily chart. Here we also see signs...
Morning folks, Despite that JPow show was mostly dovish, stocks and BTC turn down. From technical point of view - it is not a surprise, because 28-29K area is strong weekly resistance area. On a daily chart we've got bearish reversal session, which makes us to watch for deeper retracement. Thus, we keep our 25-25.5K suggestion valid by far
Morning folks, We still doubt on upside BTC perspectives in long term, suggesting 35K as maximum upside potential. The common sense tells that Fed has started the banking crisis not to make crypto investors happy. They will grab all cash back, as they need it for Bond market and budget deficit close. Still, in short-term we're going with our H&S pattern and...
Morning folks, Running into "alternative" assets is continuing. Personally, I have big doubts on bullish perspectives of BTC, just because Fed has started this ciris not to make BTC holders happy. My suggestion that very soon party will be over and we hear screams "let me out". But, not now probably. Market starts new big journey with weekly/daily H&S pattern...
Morning folks, BTC has bounced up from predefined area that we've discussed on Friday, but under external circumstances (you know what they are) jumped above our 21.5K target. Right now we do not see any fundamental shifts in BTC background. Current banking crisis promises nothing good to crypto in longer term. We treat US Treasury "saving fund" creation as a...
Morning folks, So, everything goes with the plan - market was not even needed to form H&S pattern on intraday charts, that we've previously considered. As crypto-industry has got the 2nd hit after FTX from SilverGate bank, BTC just collapsed, significantly lower than our intraday target of 21K. Now we have to increase the time frame and watch on daily chart...
Morning folks, So, everything goes with the plan, that's why just two words - watching for neckline hit around 21.4-21.8K. Bears should tight stop and think about booking, while bulls have nothing to do by far, should wait when neckline will be reached, then watch for reaction and potential bullish patterns on 1H chart.
Morning folks, BTC was able to complete upside XOP retracement target, but overall action is choppy and slow, which suggests retracement nature. That's why we keep the same trading plan and consider short position with target around 21.5K area. Sudden upside breakout of 24.25K resistance means that BTC goes to 26K target and is forming upside 3-Drive "Sell"...
Morning folks, We're keep going with our H&S pattern. Since market was not able to form upside butterfly pattern, our H&S turns to 1.27 ratio instead of common 1.618. Now we're watching price action back to the neckline around 22K. There are few moments to watch. Price now stands at strong resistance area around 23.5K area. Normally it is enough to keep bearish...
Morning folks, As we've said previously - we're sceptic on current upside rally and still watching for reversal. Since BTC is still coiling around the top, we see rising bearish pressure, based on price shape performance. Our previous trading plan is still valid, as BTC still keeps theoretical chances to form upside butterfly. But, in fact, we don't care what...
Morning folks, Last time we've discussed big 4H H&S pattern, with potential Head top around 26K. This week is supposed to be tough - Biden speech, Putin speech, PCE, Fed Minutes, multiple PMI's etc etc. Our fundamental analysis tells to not believe in "easing of regulation". In reality, regulation is becoming tougher, as world is coming to introducing of CBDC....
Morning folks, Once we've wondered what could push BTC to 25K area - answer has come suddenly. Without intruding of external factor - overall background as technical as fundamental has not suggested and still doesn't suggest upside rally. So we treat this performance as not reliable. With strong daily resistance around 26-27K area and current overbought on...