Our yesterday setup with "222" Buy has done perfect, but today we want to warn you about tricky moment on BTC.
Although it makes no impact on the final target, but it suggest two scenarios on how BTC will reach it. First scenario is simple - streightforward action up, right to the traget.
IT is no questions with this scenario - just keep position...
Our Friday setup has worked perfect, on 4H chart you could see our entry pattern... So what to do next?
On daily chart our major target stands at 9040-9045 area and it is not completed yet. But now, BTC is not at overbought there. Also we have DiNapoli bullish grabber. Combination of these factors
make us hope on upside continuation in nearest...
the relief on the BTC that we've suggested is completed - as market leaves overbought area on daily chart. Now we have perfect DiNapoli B&B "Buy" Setup.
Thus, using of possible "222" Buy on 30-min chart around 7035 lets us to reach B&B target at 7700, with potential upside continuation to daily major $9042 target.
In last three sessions BTC is coiling around the top, keeping bullish sentiment intact. Still, price is strongly overbought on daily chart and it needs some relief, either in a way of flat consolidation or in way of slightly deeper retacement.
On 4H chart we have minor bearish sign - Wash and rinse of previous top, which could lead to appearing of...
Now BTC is forming inside session around yesterday's top. We keep our daily target the same - 9040$ area.
Still, as market stands at daily overbought, it could show tactical pullback on intraday chart. For instance, previous top could be re-tested, and we could get nice "222" Buy at nearest 5/8 Fib support.
That's the setup for bulls to consider.
BTC shows real strength showing just minor reaction on our OP (AB=CD) target on daily chart and ignoring daily Overbought condition.
No intraday AB=CD retracement down has happened yesterday and BTC just continues upside action. But our B&B "Buy" has done perfect ;)
So, our trading plan suggests two moments. First is - reaching of next target at...
BTC shows real strength easily passing through major weekly K-resistance area of 6500$. By breaking this area it has passed intro another trading range and now our medium-term target stands at 8500-10K area.
But upward action should continue after tactical retracement. On daily chart market hits OP target and daily Overbought. IT suggests a bit...
As we've suggested BTC continues upside action as it is free space above 5600 and till 6300-6400 area. But yesterday price finally tests weekly
K-resistance area for the first time.
It means two things. Daily/weekly traders should think about profit taking, at least partially and tight stops on the rest of position.
Intraday traders should use...
As we've mentioned previously, to keep bullish sentiment, market should not show deep retracement. Particular speaking we were watching for
a kind of diamond consolidation on 4H chart.
BTC has completed this condition. Indeed that was true acceleration up, and retracement was shy. As market has no real barriers above, right to
our major target of...
BTC shows real strength, shows minor reaction on potential daily 3-Drive "sell", mostly ignoring it.
Intraday bearish patterns that we've mentioned yesterday also has been erased. Now BTC stands above major daily resistance of 5600, ignoring bearish patterns that could become a background of healthy reaction on resistance. It means that BTC shows...
So, it seems that we were correct on our call to be careful around 5840$ area. In fact, this could be 3-Drive "sell" pattern.
On intraday charts it looks more bright. In two words speaking - bulls' failure to push price through recent tops means that they are trapped in wrong direction with stops below recent lows,
where majority of traders have...
As we've suggested the price action around right arm's top of our H&S pattern will give us the direction. Now we've got it, direction is up.
We have multiple targets above, but right now it is more interesting how to jump in.
We think that it would be better to wait for some pullback. This could give us few different patterns. Thus, we could get...
By our view, the H&S pattern that is forming here, on 4H chart should provide clarity on further direction. As market has turned to upside action,
we adjust the neckline and make it sloped a bit.
Now market is forming upside AB-CD action, which target coincides with 5/8 Fib resistance level. This Agreement could become the top of right arm....
It seems that our 3-Drive "sell" Setup works nice by far and market comes to the final target, which is lows between 2nd and 3rd drive.
Daily grabbers that we've mentioned yesterday have the same destination point.
But what will happen next? Well, since upside rally has not bad pace, it is logical to suggest deep retracement, which, in turn,...
BTC starts natural reaction on 4H 3-Drive sell pattern that we've discussed in our previous reports. As we mentioned already, depsite nice rally in April, it is long way to go, as market was falling too long and too deep.
Thus, to break major downside tendency, BTC has to climb at least above 6500, but better above 8500$. Thus, any fluctuations...
Recently we've suggested that BTC stands at the eve of strong action, but for upside breakout it needs external push as inner power exhaust.
With recent spike up BTC has completed our 3-Drive "Sell" pattern. On a BTC it is always difficult to make long-term forecasts as this market is very thin and could be easily manipulated
by holders of big...
Until market stands below 5500 top, it keeps door open for both ways. Yes, recent rally looks impressive, and this was the first positivea action for long, long term.
But, what technical picture tells us? On weekly/daily we still have bearish tendency and rally was an AB=CD retracement to major 5/8 Fib resistance, which actually gives us '222"...
yesterday we've talked about "222" Buy on 4H chart, as BTC stands at 5/8 Fib resistance and formed "222" Sell pattern.
Now there are new moments exist here that mostly have relation to the price behavior around resistance. Take a look at now significant action has started, market is coiling around
and price action mostly reminds a sideways...