So another week has passed and we update our BTC view. Our analysis for last week was partially successful (You can refer www.forexpeacearmy.com). We correctly suggested downside retracement on daily/intraday basis but thought that it should be a bit smaller. Meantime, BTC has...
On long term chart, we don’t have big changes. BTC has cleared the stop below 6400. Still our weekly target identified by the harmonic swing and the ABC target at 4600 is not yet met .
Nothing much has changed due. We still have the butterfly buy formation around 4300. There is a small ABC target at 5300 which I expect to be hit if and when 5855...
I would like to share with you my view of BTC direction and target for the coming month or so. I will try not to repeat what others are doing rather giving you some selected and sometimes different view of the market condition.
The longer term view is bearish with most of the indicators are pointing down. My interest in this chart are:
I will be looking if this pattern will materialize in BTC.
I will be looking to monitor BTC activity around 7800 cypher reversal zone which align with .382 resistance -dark red- of the last 4-hr swing from 8700 and the broken .618 -blue- (7765) support from the previous daily low to the previous high
SL: above 7950