Big test for BTC
Morning folks,
So, we're almost there - 100.5K area that we've discussed last time. BTC is almost completed the predefined XOP extension.
Why this level is so important. Because it determines the results of H&S daily patternhttps://www.tradingview.com/x/4icLGebT/ - whether it will work or fail:
Correspondingly, it tells where BTC will go - either back to the 108K top (or even higher) or starts deeper retracement to ~82-87K area.
Besides, it is important to us because we have to make a decision on short position taking. Here we also could use 1H potential H&S pattern, with 99K area of the right arm and potential level for decision making. This is just to not risk too much.
So, watching for completion of XOP, then 1H H&S - if everything goes as it should, thinking about short entry. If not - then start watching North.
So, we're almost there - 100.5K area that we've discussed last time. BTC is almost completed the predefined XOP extension.
Why this level is so important. Because it determines the results of H&S daily patternhttps://www.tradingview.com/x/4icLGebT/ - whether it will work or fail:
Correspondingly, it tells where BTC will go - either back to the 108K top (or even higher) or starts deeper retracement to ~82-87K area.
Besides, it is important to us because we have to make a decision on short position taking. Here we also could use 1H potential H&S pattern, with 99K area of the right arm and potential level for decision making. This is just to not risk too much.
So, watching for completion of XOP, then 1H H&S - if everything goes as it should, thinking about short entry. If not - then start watching North.
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/
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