Hey everybody, Here we introduce possible scenario of upside pullback on BTC. This is not the call to buy it, this is just a suggestion the shape of retracement. Depending on your view, you could treat this either as setup for scalp buy trade or rally to sell into. In general we have long-term bearish view, we've talked about it many times in our previous...
Morning everybody, BTC has hit long term targets around 4000-4200 area - daily 1.618 and weekly 1.27 butterflies. Since they are accompanied by daily oversold as well - this good background at least for technical pullback. On 4H chart we also have steep AB=CD pattern. At first glance, pullback is possible at least to 5000 $ area which is Fib K-resistance area,...
Morning guys, Action on BTC is so strong that we do not need even intraday charts now. As we've mentioned recently, BTC has no meaningful technical supports any more - only extension targets and oversold levels. Thus, next area is 4400$ 1.27 weekly butterfly target and 4100$ daily 1.618 butterfly + oversold area. Maybe there some retracement will take place....
Morning guys, On Friday we've talked about potential retracement that BTC could form reverse H&S. But, it was not formed. Current price action lets us think that downside tendency should continue. Our next target is ~5000$ - 1.618 butterfly on 4H chart and 1.27 of daily butterfly. For more extended targets and wider analysis - watch daily video on our website.
Morning guys, As we've said, market has completed few long-term targets and yesterday has re-tested daily Oversold for 2nd time. Although long-term view, as well as momentum still stand bearish - BTC needs relief. IT could happen by reverse H&S pattern that is forming there with upside potential to 5/8 Resistance around 5900$ area
Morning guys, So, our long-term weekly trage that we've talked about in recent 2-3 months has been mostly reached (just 100$ difference). Collapse was really miserable. BTC has completed our daily butterfly as well and now stands oversold on daily chart. There is definitely some kind of shock exists here, which turn BTC to some time of flat action and...
Morning guys, As you know we keep long-term bearish view on bitcoin market. Previously we've discussed a lot of patterns that chould be formed here - daily butterfly with 5800 target and 4H one with 6100 just to name some. Today we would like to talk on psychological backround of BTC situation. It has started on Bitfinex collapse and explosive demand for...
Morning guys, BTC confirms our bearish expectation by far and now is coiling around major 5/8 Fib support, although mostly it has broken already. Widening triangle is forming. Usually it breakout starts from inability of the market to reach upper border. In this case we could watch for "222" Sell pattern and it could become nice background for entry on short...
Morning guys, At first glance overall momentum and sentiment looks bullish for EUR, but we see alternative factors from US 10 year yield jump, short-term sentiment analysis and dollar index price behavior. Thus, instead of upside bounce from 1.1360 and forming reverse H&S pattern, we mostly expect to see big 1.618 3-Drive "Buy" and drop to 1.12-1.1230 area next...
Morning everybody, BTC has broken two strong support level which were crucial for keeping bullish scenario valid. Now market looks weak and price stands at last major 5/8 support level. The manner how market response this level looks weak and this lets us think that downside action should continue. As a result we expect to see either AB-CD or, ultimately...
Morning guys, Yesterday we've said that BTC has to hold above major K-support area to keep bullish sentiment. Despite dollar-supportive Fed decision yesterday, BTC was able to stay above major K-support and formed "222" Buy pattern. Currently I'm not sure on real upside continuation, as upside channel has been broken, but minor pullback as respect of this area...
Morning guys, Market has reached our predefined retracement target. In fact, we have side by side two K-support areas and for BTC it is crucial to hold above 6400$ to keep bullish sentiment. Otherwise, market will form bearish reversal swing, which could mean deeper retracement, at least or, even downside reversal. So, market right now stands at the point...
Morning everybody, Our previous entry was OK, market has hit first 5500 target which is 1.618 AB-CD on hourly chart. Still we have daily 0.618 AB-CD extension that stands around 6600$. Besides, as BTC has broken rectangle upside, it should pass its width in the same direction and it also points on 6600$. Here we could try to apply the same strategy - trying...
Morning guys, Although longer-term picture still stands bearish, in shorter-term trend has turned bullish and bitcoin has returned in flat consolidation that has been broken last week. This makes possible to reach 6500 first - upper border of consolidation and later 6600 - AB-CD 0.618 target on daily chart. But, to complete this, we need to keep an eye on hourly...
Morning guys, Market almost has hit our minor 6400 COP target that we've mentinoed today on our forum. Still, it is not enough to break bearish context yet. Despite recent upside action, market was not able to return in rectangle consolidation yet, and in fact, stands in range of the collapse that has happened on Monday. Since we have "222" Sell pattern here,...
Morning guys, We keep our long-term bearish view on BTC with 5100 extended target. Meantime, we wide daily AB=CD 6034$ target and it seems that it will be first destination point. Yesterday we've discussed scenarios of short entry and thought that pullback to 5/8 resistance might be good way to sell the rally, but now, on houry chart we have pennant/triangle...
Morning everybody, finally we've got an action on BTC market, which confirms our bearish view. We think that BTC now stands under scrutiny revaluation by investors, and not in positive direction. Fundamentally we do not see any long-term supportive factor for BTC. Technically, weekly chart shows clear signs of bearish dynamic pressure. While MACD trend stands...
Morning everybody, Flat action here gives small space for analysis, but, on daily chart we have two DiNapoli grabbers that suggest taking of recent lows and triangle/pennant consolidation. Since MACD trend shows up, while price mostly stands flat - it points on bearish dynamic pressure. So, it makes us think that downside action could start soon and nearest...