Good morning folks, So the first downside reaction starts as we've discussed it last time. Now, it is too big task to explore possible shapes and describe them here - just watch the video on FPA site if you're interested... Here I would say only that we need to control the depth of the reaction. First is, if market starts to form the triangle - this is the...
Morning folks, So, BTC hits ATH and 0.618 (COP) 67K extension on monthly chart. This is first upside target of new large AB-CD pattern. Also price hits weekly overbought. Technically, picture definitely suggests that BTC should go higher in long-term. Our first target is 75-77K. But in near-term the major question is whether it shows any reaction on the top and...
Morning folks, So BTC stands nice and we have no doubts in long term bullish context. So our attention right now mostly on short term performance as many people ask where next chance for entry could appear. Right now BTC stands at weekly overbought area and is coming to targets of COP ~ 67K on monthly chart and daily OP at 64K. I suspect that 67K might be hit...
Morning folks, BTC performance now looks great. We consider at this moment only long position taking, at least on daily and above time frames. But to do this we need more or less moderate retracement. Right now, as price hits 1.27 upside extension on daily chart, this is the chance that maybe we get some pullback. In this case we consider 50.7-51K as primary...
Morning folks, So, BTC has got rather strong positive injection from JP so it has not formed even minor pullback before the rally that we have discussed lat time. Now market has no significant barriers till the former ATH top. Besides, based on the market mechanics, BTC should not show any deep retracements any more. It means that currently we could consider...
Morning folks, Once we were watching for deeper action, market suddenly has got the injection of positive mood from JP that drastically has shifted situation and our supposed retracement was over in a blink of an eye. Now, we the patterns that we have on higher time frames - weekly and monthly, we could say that upward direction seems to be set. As we have signs...
Morning folks, So market drifts a bit lower as we suggested, but at the same it shows good resistance to dollar appreciation and situation on EUR and Gold looks worse. Still, personally I feel uncomfortable to take long position right now as few bearish signs still stand in place. Thus, daily OP target and major 5/8 support area have not been touched yet. Today...
Morning everybody, So, our last setup works more or less properly and now it seems that BTC shows nice upward action. Still, we have some reasons to suggest that downside action is not over yet and warn you about few scenarios that might appear here. At the same time whatever we get it - it doesn't hurt our long-term scenario which is bullish with 74.5K target...
Morning folks, So BTC has shown nice reaction on our H&S pattern, showing another collapse down, barely has not reached major 38K support that was an our target. Currently we have to say that 38 still "IS" our target. Despite that we have nice upward bounce, we treat chances for V-shape reversal now and direct upward continuation as "low". There are few...
Morning folks, So, market is confirming our suggestion of deeper retracement, and now price takes more evident shape of H&S pattern on 4H chart. It is very comfortable to deal with it as you definitely know the target and invalidation point. Potentially pattern has the target at 38K - around next major daily Fib support area. So, for long entry you have to...
Morning folks, So, market has changed the shape a bit and we haven't got the butterfly that we've discussed last time, but it doesn't mean that deeper retracement will not happen. In fact, we have bearish reversal bar on weekly chart and, as a rule - they have continuation. That's why despite that market forms upside AB-CD instead of butterfly, but 2nd leg down...
Good morning everybody, Current price action makes us think that chances to get some downside continuation are significant. We do not know the way that it takes - it might be just stop grabbing action below recent lows or real downside breakout and action to next daily 38.2K support area. But bearish signs that we have suggest that at least new challenge of...
Morning folks, So, BTC was able to completed only the butterfly at 53K and reversal has started. We suggest that recent sell-off is a technical issue that makes no impact on fundamental background and market sentiment. Still, it perfectly fits to market mechanics that as a rule shows deep retracement after first upward swing, because rest of previous bearish...
Morning folks, So, NFP was in a row with our expectations which, together with JP Wyoming statement, creates positive background for all dollar rivals, including cryptos. Now market is breaking through 51K resistance area and performance looks strong enough to suggest further upward action. Thus, we do not need to invent something else, 1.27 butterfly is...
Good morning everybody, So, as we've said on Monday - market has got Wyoming positive injection. Daily price action was forming the triangle that now is broken. Still, NFP report stands ahead. Although ADP numbers were 2 times worse but who knows... This is the major concern guys, right now - whether we get just wash& rinse of previous top or we get real upward...
Morning folks, Sorry for a bit messy chart but all these lines we use to explain our view. Last time we've talked about possible pullback that would be perfect to consider buying coins for longer term perspective. As on Friday all markets have got injection of positivity from the Fed, the price shape here, on BTC has changed as well. It doesn't deny retracement...
Morning everybody, so, downside reaction on resistance is started. As context stands bullish, we're mostly interested where an how to buy rather than to sell. From that standpoint, first point that it makes sense to consider is 43.5-44K area. Now, based on AB-CD shape on 1H chart we could calculate the targets. First is OP stands around 46K, but taking in...
Morning folks, So BTC shows real strength in recent weeks and long-term background stands friendly to accumulation. Our suggestion that BTC should take out the previous tops in mid term. Market shows minor reaction on weekly overbought area, which means that demand for BTC is growing and any, even minor deep immediately is buying out. Market was not able to form...