BTC 23 April 2018 Technical update
By your request, guys, we turn to weekly update of BTC technical picture on Mondays.
Long-term view has not changed significantly as we have the same pattern on background. We still expect upside action on weekly chart. Major reason for it is DiNapoli Volatility breakout pattern, which usually suggests at least 5/8 reaction in direction of breakout. (Now we're talking on upside breakout). As you can see 5/8 Fib level stands around 14500$.
Still, as upside action has started slightly lower that it was suggested initially, we need to adjust upside targets. Now we have two of them COP =10 150$ and OP = 12400$. On coming week we will focus on the nearest one.
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On daily/4H time frame we now are mostly interested with reverse H&S pattern. As price is coming to neckline, 1/2-5/8 retracement is possible to keep harmony of this pattern. Potential target of this H&S stands around 10 175 which agrees with weekly COP destination point:
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That's being said, we expect upside action within 1-2 sessions to neckline ~ 9 450$ and 1/2 - 5/8 retracement to 7500 - 8000$ area to form right arm of our H&S pattern.