74.75K seems the nearest one
Updated
Morning folks,
So, as we've said, if BTC breaks 69K it should go higher. That we see now. Nearest upside target is based on the same pattern - reverse H&S that we're trading for a couple of weeks already.
It stands at 74.75K
But at the same time, I would like to show you this one - reverse H&S on top. If we see that BTC starts falling fast, it could be not the signal of reversal but the forming of the right arm. Just be
prepared to this scenario if BTC starts showing fast downside action.
For primary scenario (direct upward action to 74.75) we consider two support levels, where long entry might be interesting - 68K and 66.10K
We consider no shorts by far.
So, as we've said, if BTC breaks 69K it should go higher. That we see now. Nearest upside target is based on the same pattern - reverse H&S that we're trading for a couple of weeks already.
It stands at 74.75K
But at the same time, I would like to show you this one - reverse H&S on top. If we see that BTC starts falling fast, it could be not the signal of reversal but the forming of the right arm. Just be
prepared to this scenario if BTC starts showing fast downside action.
For primary scenario (direct upward action to 74.75) we consider two support levels, where long entry might be interesting - 68K and 66.10K
We consider no shorts by far.
Trade active
So, 66-68K area has worked perfect. Now you could move stops to breakeven. Currently, as usual there are two options available. Either BTC will keep upside action immediately, ignoring daily reverse H&S shape. Or, we get a bit more lucky and it will show downside AB-CD to 64K area.
WE consider no shorts here.
Trade active
Everything goes well. Market is forming the right arm of our big reverse H&S on daily chart. Now, extensions that we have point on ~65K area first. So let's keep watching what will happen there:Trade active
So, we keep watching for reverse H&S on top. Now market starts forming the pennant pattern. This could trigger upside action earlier than 63K level. It means that if you intend to take long position with the H&S pattern you need to decide - either to keep waiting for ~63K level, which is perfect right arm's bottom, or taking position in parts to guarantee participation in possible upside action.Trade active
So, our upside trading setup started well. Now we keep an eye on 74.5-75K level as the nearest target. Minor butterfly might be formed here again and this will be vital moment for the next BTC step:Sharp bearish reversal will be in favor of weekly DRPO "Sell" pattern and deep downside retracement. Conversely if BTC will stay around 73-75K area, messing around - upside action should continue...
Now we do not consider any shorts.
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.