Sive Morten
Special Consultant to the FPA
- Messages
- 18,669
Morning guys,
withing few sessions BTC stands stubbornly right under major daily 3/8 resistance, which keep chances on another upside leg. It a bit contradicts with our view on Gold and EUR, but, on Friday, BTC has not shown solid drop while other markets collapsed. Thus, crypto is a new stuff and it is unknown correpation, if any, between them.
On daily chart we do not see yet any reasons to change our view. 5900 still stands as our major target. Current upside action we treat as retracement, and additional 500$ will not change daily picture.
On 4H chart know we could look at the market by changing the shape of reverse H&S pattern a bit. Here is how it looks now:
From this point of view, our task is relatively simple. While price keeps right arm lows - pattern stands intact and context is bullish. Once lows will be broken - downside action could be re-established and BTC could drop below the head. So, theoretically it seems possible taking long positions against right arm lows.
Right arm takes the shape of triangle on hourly chart. If upside breakout indeed will happen, nearest target will be 1.27 butterfly extension around 6650-6660. If we will be right on H&S, its classic target stands around 6840 - AB=CD of the head and right shoulder.
withing few sessions BTC stands stubbornly right under major daily 3/8 resistance, which keep chances on another upside leg. It a bit contradicts with our view on Gold and EUR, but, on Friday, BTC has not shown solid drop while other markets collapsed. Thus, crypto is a new stuff and it is unknown correpation, if any, between them.
On daily chart we do not see yet any reasons to change our view. 5900 still stands as our major target. Current upside action we treat as retracement, and additional 500$ will not change daily picture.
On 4H chart know we could look at the market by changing the shape of reverse H&S pattern a bit. Here is how it looks now:
From this point of view, our task is relatively simple. While price keeps right arm lows - pattern stands intact and context is bullish. Once lows will be broken - downside action could be re-established and BTC could drop below the head. So, theoretically it seems possible taking long positions against right arm lows.
Right arm takes the shape of triangle on hourly chart. If upside breakout indeed will happen, nearest target will be 1.27 butterfly extension around 6650-6660. If we will be right on H&S, its classic target stands around 6840 - AB=CD of the head and right shoulder.