Morning folks,
A recent few sessions have rather narrow range, so we have little changes since our last discussion.
We have confirmed DRPO "Sell" pattern on weekly chart, so we keep bearish general view on BTC, with potential downside target around 80-81K. This also makes us to not consider any long positions. If even upside bounce will happen - we try to use this rally for short entry later.
Still for intraday traders, if you want to buy BTC, here is some thoughts. First is, and actually why we stay away from longs for now - take a look, after impressive jump BTC stands too long in sideways action. This is not good for bullish scenario.
Now it seems that something like "Cup" or reverse H&S pattern is still forming here. So if you finally will decide to buy - currently is the point where you have to make a decision on entry. Because BTC has to start upside action right now, right from this point or it will not start it at all and drop. We suggest that 101-102K is an area where it would be better to out.
I mark this update as bearish in a row with our major view, but as we've said 101-102 pullback is not excluded.
A recent few sessions have rather narrow range, so we have little changes since our last discussion.
We have confirmed DRPO "Sell" pattern on weekly chart, so we keep bearish general view on BTC, with potential downside target around 80-81K. This also makes us to not consider any long positions. If even upside bounce will happen - we try to use this rally for short entry later.
Still for intraday traders, if you want to buy BTC, here is some thoughts. First is, and actually why we stay away from longs for now - take a look, after impressive jump BTC stands too long in sideways action. This is not good for bullish scenario.
Now it seems that something like "Cup" or reverse H&S pattern is still forming here. So if you finally will decide to buy - currently is the point where you have to make a decision on entry. Because BTC has to start upside action right now, right from this point or it will not start it at all and drop. We suggest that 101-102K is an area where it would be better to out.
I mark this update as bearish in a row with our major view, but as we've said 101-102 pullback is not excluded.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.