Morning folks, So, price keeps flirting in our range and we still consider it as accumulation moment for long-term investments. We treat 20-24K area as vital for long term trend. So, until price stands above it long-term bullish trend is valid. In shorter-term market could spend long time at current levels as it needs to habit to new reality. But it is not the...
Morning folks, So, market has formed "222" Buy that we've discussed last time... In general it is too many things to discuss about cryptos right now and it is impossible for just minor update. In two words speaking we expect that market has to go in habit with new level and it needs time to do this. It means that for some time (maybe few weeks), market could...
Morning folks, Recent collapse has let BTC to complete extended downside targets, including weekly XOP and 5/8 Fib support area around 30K. The volatility breakout pattern finally has happened, and it means that from technical point of view, market is ready for accumulation - buying of BTC for long-term perspective. Theoretically it makes no sense trying to...
Morning folks, So, our setup is done well, price hits 42K area, completing extended AB=CD pattern on daily chart. Since 41-43K area is strong weekly support, and market stands oversold as on weekly as on daily - we expect solid bounce up from here to 55K area in perspective of 1-2 months. Meantime, to take the position we have two ways. First is - just take it...
Morning folks, Although in recent 2 weeks we have discussed minor detail of our trading plan - the way of upside retracement that BTC could form, our major scenario is downside AB-CD pattern. Compounded retracement that we've discussed stands in progress right now. Although BTC has dropped to 46K - it has not reached 42K area because of weekly and daily...
Greetings everybody, Recent price action doesn't change the core as we're still watching for compounded downside action. By our view it should be at least to 42-45K area. The major concern in short-term is from what level BTC starts dropping. For the truth's sake - it absolutely doesn't matter for the bulls who intends to buy BTC at 42K area. But for intraday...
Greetings everybody, Although upward action stands gradual (which is good for our longer-term trading plan), we do not see any reasons to change scenario by far, as BTC keeps all upside patterns valid. Thus, we still keep an eye on 63-64K target with 53K level in mind as the vital one. Downside drop below 53K means that 2nd downside leg starts earlier than we...
Morning folks, So, today we do not need to do many things - just re-shape the pattern a bit, as we've got the right arm's bottom, and now we could set the potential target of this H&S pattern. Supposedly, we watch for 2nd leg of downside retracement starting point around $61.75K. It means that downside target also will be higher - not at 42 but around $44K....
Morning folks, Although market has changed the shape of upward bounce slightly - it doesn't change the overall trading plan and still makes us to wait for deeper retracement. We believe that we should get chance to buy the coin around 42-43K area. Still, let's update our view on very short-term scenario. As on altcoins, here, on BTC we see that market is...
Good morning folks, As we've suggested - retracement should be compounded and now we have clear downside AB-CD pattern with 44K target. In general overall situation is simple - it is too early to buy, as we're focused on weekly strong support of 42-43K area, but it is late to sell as market already stands at oversold. Currently market is taking the breath as...
Morning folks, Treat this update as intraday details for our major trading plan that we've prepared on Monday (take a look at previous idea). Generally speaking - we keep it intact. Now we do not see any reasons to change it or signs that it is failing. BTC keeps chances as to re-test 59K area as to show deeper retracement to 40-42K. Thus, you have few trading...
Morning folks, So, the bearish setup that was ripen through the previous two weeks has been triggered. Our 59K level has worked perfect and its breakout has put the background for stronger sell -off. To keep it simple, I try to show our trading plan on the chart. First, we expect upside pullback and re-testing of broken wedge and our 58-59K area. But, by our...
Morning everybody, So, our 65K target is hit accurately. And, again the question - what to do next. Market now stands in reasonable retracement, which is the reaction on completed target. Currently BTC has external support because of weak short-term context on US Dollar and US Interest rates. This makes us think that there could be another upside challenge to...
Morning folks, So, BTC accurately follows our short-term trading plan. Those who bought around 55K should be absolutely happy - market perfectly has completed the right arm of our H&S pattern, by accurate AB-CD retracement. So, as bullish context stands in progress and price was able to stay above our 55K signal area - no shorts by far. It is nothing to do for...
Morning folks, So, the 1st part of our trading plan is done - market has completed AB=CD retracement and formed the right arm of H&S pattern (see previous update). Now BTC stands at crucial for short-term performance area. In fact, if BTC is still bullish - it has to go up right from here. If it doesn't do this - then it is not bullish and moderate downside...
Morning everybody, We follow the same trading plan that we've discussed last week. As you could see on 4H chart - our H&S now is taking more evident shape. Pattern could be used twofold. First is as trading setup, second - as indicator. As a trading setup it is for those who intend to buy BTC and trade on intraday charts. Here it provides classic rules - long...
Morning folks, So, I hope you've enjoyed the H&S pattern that we've discussed last time. Now it is a question, what to do next... First is, within few hours BTC has to complete H&S target around 61000-61050. Then odds suggest some downside reaction on this target, as overall upside action stands gradual, and not too fast. Hopefully, the pullback will be...
Morning folks, So, the bounce that we've discussed from 50-51K area has happened, and now we have the next problem - up or down? On daily chart we have bearish hints, such as wedge consolidation and MACD divergence, but price action is too slow and gradual to treat it as reversal already. It means that BTC could make another swing up inside the daily wedge. And...