Morning guys, Our longer term view is the same, we expect at least 3.3K level within 1-2 weeks. BTC drops not because of inner problems but because of run-in-cash, the same reason why gold is dropping too. As market stands at oversold, minor pullback is still possible. It could be somewhere to 6.4 area. Here we have previous lows (our former Head's bottom) and...
Morning guys, This is what we call as "Black Friday".... Yes, we have bearish view and yet we intend to consider how market response on 7.2K area and whether reverse H&S on daily will fail or not - answer has come fast, market collapsed. It is no needed to talk a lot here. Just two moments. First is - next target 3.3K. There we will consider how market...
Morning folks, Thus, our target has been hit again. I mean daily AB=CD at 7.2$. At the same time we can't please bulls because chances on collapse significantly increased. There is clear downside acceleration on CD leg of the pattern, weekly trend has turned bearish and chart shows 3 weeks with tail close. It means, that here we could get minor bounce from 7...
Morning guys, How do you like Crude oil, performance? ;) On BTC we keep our scenario with H&S pattern and price has reached our first approximation - support of 8K area. But the way how it was reached makes us think on minor continuation before potential reversal could start. Now we do not see any drop in hash rate, which means that H&S still could work. The...
Morning folks, Well, BTC actually doesn't need any update, as we're still waiting for 8K area and think that sooner rather than later but BTC will be there. Today just few thoughts on short-term perspective, how market could get there. On 1H chart we see first scenario. This is butterfly, that finalizes as 4H XOP target (look in previous update) as major daily...
Morning guys, Despite that few days BTC spends in tight consolidation, but the sell-off of previous week was strong. And this makes us to turn from hypothetical consideration of reverse H&S pattern on daily chart to reality. Since BTC definitely shows downside acceleration and broke strong support area of 9K level almost without any respect, we suggest that...
Morning folks, As we've expressed some doubts on upside perspective - market has confirmed it immediately, showing only flat action within few hours at major support, without even minor bounce. Now price has dropped to our 8604 XOP target that we've mentioned yesterday. Still, as we see clear acceleration down and major support is broken - it makes us consider...
Morning guys, BTC indeed has dropped to next strong support level of 9.1 and at first glance it seems like good chances to buy. At the same time, I do not like how this action to 9K support has happened. We have clear downside acceleration which is not good for bullish reversal. Besides, on daily chart we do not exclude appearing of big reverse H&S pattern,...
Morning guys, BTC surprisingly quiet compares to the madness that we see on Gold and stock market today... So, we have classic flag pattern consolidation, which keeps bullish longer-term context but doesn't clarify definitely where to take position right now. This is the reason why we have to consider few scenarios. You could choose what you like more. But...
Morning guys, So, our H&S scenario has been triggered accurately, which means that we should get more extended retracement now to the downside. As H&S stands in place we could calculate destination point with better precision and mostly it confirms our initial suggestion - AB=CD target stands around next strong Fib support area of $9.1K level. Now market shows...
Morning folks, 3-Drive setup has worked perfectly, now we're at the top of right arm. This is our potential H&S pattern. If it works - we're going to 9.1-9.2, next K-support area. If not - 11K our next destination point. How is to trade it... Well I would suggest using of Stop "Buy" order to bulls. Because we do not know whether H&S will work or not. And using...
Morning folks, This is just brief update on BTC. Don't be confused by yesterday spike down on 1H chart. Price still stands above K-support area, and all that we've said yesterday in our update is still valid. This is just different reversal pattern on the market. We thought on H&S, but it is 3-Drive "Buy". All other things remain the same...
Morning guys, So, harmonic drop down and reaching of first K-support area on 4H chart has happened. Now BTC stands at important moment - it has to proceed higher or retracement becomes stronger. Here is our trading plan. Now, as market stands at strong support area and Agreement (1H XOP target stands here as well) - it is relatively safe to buy against recent...
Morning folks, So, our setup with 9.5-10.5K action is done and now market stands at 4H AB-CD target, and daily previous top. Since we see some slow down on "CD" leg, it makes us think that BTC should show some pullback and we treat 9.5-9.6K K-support area as very probable, because this is double harmonic swing and lower border of upside channel on daily chart....
Morning guys, BTC keeps our scenario accurately, by showing really small retracement and just re-testing of previous broken tops. As a result we have upside channel on daily chart. Following to this pattern we again could suggest the same harmonic retracement and re-testing of previous top. As initial swing down looks strong enough, this makes us think on 2-leg...
Morning guys, Market behaves well by far, keeping all conditions of bullish scenario. As we've said - retracement indeed was shy, although a bit extended in time. Anyway, upward action continues. Now price has hit our next target - 9.7K which is 1.618 extension of BC leg. Once again, retracement has to be small. Price could re-test former consolidation and 1.27...
Greetings everybody, Last week was relatively quiet on BTC market. It seems that our suggestion on small retracement was correct. Indeed, market is coiling above 3/8 Fib support on 1H chart, which is also broken daily K-support area. To not bother you with details, we just tell that bullish context is still valid. Besides, as BTC is coming to halving in May, we...
Morning guys, So, setup that we've discussed yesterday is done, but it seems that not everybody were in time to come aboard. Today we discuss how to join the rally. But first about targets... now market stands at minor target - 1.27 extension of our "BC" leg, next one will be 1.618 extension around 9.7K, and finally, major destination point is 10.5K - AB=CD...