Let's take a look what we have on BTC today. So, our "222" Setup is done perfect. Now, on longer-term chart we mostly consider large AB=CD downside pattern with potential target around 7.5K.
Our task for today is to clarify, whether this downside action is continuation of our bearish swing or not yet. Alternitavely we could get larger daily...
Yesterday we said that it is not sufficient context for taking long position and action of last week makes us worry that downside action could continue.
Despite that BTC has climbed slightly higher - we still treat this as retracement, but 11.25K area will be important for us today by some reasons. First is, this is short-term border between...
Today we can't say anything sweet to the bulls. Recent action shape doesn't correspond to idea of upside reversal and mostly reminds retracement due reaching of daily oversold area on Friday.
Now, BTC is not at oversold anymore, and on 4H chart we have signs of bearish dynamic pressure as trend stands Bullish by MACD but price action shows no...
Now you probably understand why we've paid so much attention yesterday to 10.30K area. This is decisive level for Bitcoin market. And this is the reason why we've said yesterday - do nothing, wait for reaction
on this level.
Now, if you let me, there are few observations:
1. Market has dropped with acceleration through 5/8 Fib support, ignoreing...
So, It seems that our suggestion was correct and retracement target almost is done. It is no doubts that market will hit 10.3K major 5/8 Fib support.
Here, on 1H chart, I show you another, wider AB=CD extension (in addition to the one that we showed last time), but it also has the same target and creates Agreement with major 5/8 Fib level.
Why it is...
So, retracement that we've discussed last week, down from our daily XOP target is started. Now we turn to second problem - how to estimate its bottom.
Just to remind you - we have medium-term bullish view on BTC and suggest that it should reach 15.3K area. Thus, this retracement is our way to get on board. Trade it down is not forbidden, of...
So, our first target of 12,4K mostly is done and market stands at solid resistsance now - major 5/8 Fib level, daily overbought (blue line) and Agreement as upside 1.618 AB-CD is hit. (for those who familiar with DiNapoli technique - in fact we have DiNapoli bearish "Stretch" and Kibby trade setups at once).
In such sircumstances odds...
As we've said last week - breakout of 10K area opened new trading range for the market where it stands now.
Today we put weekly chart, because it forms the background for 1-2 months of trading. Last week was bullish grabber (by DiNapoli terms), which means that BTC should take out previous top.
As we have all time COP target around 15.3K - this...
Here is just brief update on BTC. Once market has made its step, now is our turn.
Yesterday we've talked about 10.2 area and BTC has broken it up. It means that we could start watching "222" Sell pattern with ~11.3 AB=CD target .
And keep an eye on the upside action manner. Flat action suggests downside turn around 11.3, while acceleration...
It is a silence on the market as all eyes stand on Fed statement and its impact on FX and other market. As a result BTC mostly stands in the range of sell-off that has happened last week.
Previously we've mentioned that BTC shows bearish action as it has broken normal market behavior that should follow on a background of daily morning star...
Market confirms our suspicions on weakness, as even last week we had doubts on upside perspective as BTC was not able to show adequate reaction on our 4H reverse H&S pattern. Now price drifts even lower
and almost erased daily "Morning star" pattern. Although theoretically pattern is not failed yet as BTC stands above its lows, but price action is...
Howdy folks, hope you're OK,
Let's keep up with our H&S pattern on 4H chart. Market finally has appointed the bottom of right arm and technically setup becomes simple. Now it is difficult to say whether upside AB=CD retracement will happen or not.
Personally, I'm tending to bearish view as we expect dollar supportive as GDP data today as Fed statement next...
So, yesterday it was a bit dramatic action around our culmination area - bottom of right arm. As you know, that was not due some market factors but external intruding. D. Trump and Congress adopt new debt ceil for US national Debt, which was increased and should be sufficient for ~2 years. That was positive factor that supported USD. Thus, BTC/USD...
Let's step out a bit from long-term suggestions and focus on our tactical setup that we have. Yesterday we've discussed reverse H&S pattern on 4H chart and now it comes to culmination point.
Right arm's bottom is almost completed. Thus, if you plan to go long - that's your point where you have to make a decision.
On 1H chart we could see the whole...
BTC shows response on major daily 9K target, which is also strong Fib support area and former oversold level. Now we could recognize Morning star candlestick pattern on daily, which takes the shape of reverse H&S on 4H chart
This is common thing.
Thus, within 2-3 sessions we will deal with this pattern. As usual, those who wants to go long - keep...
As we've discussed medium-term perspective yesterday, today we pay attention to minor thing, technical price action around major target.
Depsite that our AB=CD journey to 9K area mostly is done - BTC has not quite reached the target yet, as it stands at 8970$ area, but started upside action.
We want to warn you - if you consider long entry by...
So, yesterday setup is done perfect, market stands in few bucks from 9000$ major daily AB=CD target.
But today we want to talk on medium-term perspective... what's next and what we see from recent price action.
If we pay some attention to details then we could recognize strong bearish efforts. Indeed, as yesterday as two days ago - sell-off was...
So, upside bounce that we've suggested yesterday is done. Now we have to match the facts. Such combination as uncompleted major targets at 9680 and 9000$, downside acceleration on daily chart and
reaching of strong resistance on 1H chart (BTC is not at oversold on daily any more). Upside harmonic swing is done as well.
Thus, if market still...