Sive Morten
Special Consultant to the FPA
- Messages
- 18,648
Greetings guys,
We now are making experiment and try turn BTC to daily analysis. So, today we're with next update.
Our weekly setup was correct, although market has not shown any upside bounce as we've suggested and continues downside action immediately. Now BTC is oversold on daily chart and has sufficient thrust down to be clarified for DiNapoli directional B&B "Sell" trade.
For this puprose market needs to show upside action and reach 3/8 resistance within 3 days:
Second important issue on daily chart is a target. Since we have bearish engulfing on weekly chart, its target should approx. equal to its length and this is circa 5300-5500$ area. Thus, B&B could become a pattern which push BTC to new lows, but not just to its minimal target.
On 4H chart we could keep an eye on AB-CD retracement and appearing of "222" Sell Pattern somewhere around 6900$ area. This also will be previous lows, which provide natural resistance. That's will be the level that we will be watching for short entry.
We now are making experiment and try turn BTC to daily analysis. So, today we're with next update.
Our weekly setup was correct, although market has not shown any upside bounce as we've suggested and continues downside action immediately. Now BTC is oversold on daily chart and has sufficient thrust down to be clarified for DiNapoli directional B&B "Sell" trade.
For this puprose market needs to show upside action and reach 3/8 resistance within 3 days:
Second important issue on daily chart is a target. Since we have bearish engulfing on weekly chart, its target should approx. equal to its length and this is circa 5300-5500$ area. Thus, B&B could become a pattern which push BTC to new lows, but not just to its minimal target.
On 4H chart we could keep an eye on AB-CD retracement and appearing of "222" Sell Pattern somewhere around 6900$ area. This also will be previous lows, which provide natural resistance. That's will be the level that we will be watching for short entry.
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