4100 or 3450$ ?
Morning guys,
Now we're investigating upside retracement on daily chart, which could happen by one of the three patterns - "222' Buy", Double Bottom or butterfly "Buy".
As '222" Buy already stands in place - we're watching of market reaction on it. Yesterday we've talked that upside action could start by H&S pattern, and indeed, market hit the neckline and
now is forming right arm. But, now it seems that arm is overextended to the downside and breaks the harmony of the pattern. This makes it weaker.
Anyway, if H&S will hold, we could get action to 4100, as AB-CD target of this pattern. Conversely, dropping below recent lows and moving back to the head means that daily '222" triggereed only minor reaction,
and next pattern stands on horizion, which is Double bottom. It means that BTC will drop back to daily lows...
Now we're investigating upside retracement on daily chart, which could happen by one of the three patterns - "222' Buy", Double Bottom or butterfly "Buy".
As '222" Buy already stands in place - we're watching of market reaction on it. Yesterday we've talked that upside action could start by H&S pattern, and indeed, market hit the neckline and
now is forming right arm. But, now it seems that arm is overextended to the downside and breaks the harmony of the pattern. This makes it weaker.
Anyway, if H&S will hold, we could get action to 4100, as AB-CD target of this pattern. Conversely, dropping below recent lows and moving back to the head means that daily '222" triggereed only minor reaction,
and next pattern stands on horizion, which is Double bottom. It means that BTC will drop back to daily lows...
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.