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Forexpeacearmy

The plan is changing... at least the 2nd halfMorning folks, So, on Thursday we've suggested "60-67-60" action, and there are no questions to the first part. Indeed rally was really nice. But, the 2nd part of action from 67K down to 60K was based on potential weekly bearish engulfing pattern, if you remember. But it has not been formed as you could see. Together with other bullish signs that it is too long to describe here, now we cancel the idea of action to 60K and keep bullish view. Particularly speaking, upside breakout could come with reverse H&S on top. Now market is still coming to neckline and target around 71K. But, if breakout still happens, we consider 77.30K as the next destination point...
COINBASE:BTCUSDLong
by Sive-Morten
from-67K - to- 60K action is possibleMorning fellows, So our breakout setup is done well. What is looking intriguing now - BTC behaves quite different to gold, have you signed this? Recent performance, especially if we get good NFP tomorrow suggests that retracement might be a bit deeper. We consider 60-60.5K area as potential target (because we could get weekly bearish engulfing pattern by this week). But now BTC is overextended down on daily chart, so this action to 60.5K could start not know but after minor pullback, somewhere to ~ 66.5-67K area supposedly. So, how to better mark this idea as "bearish" or "bullish?" Let's mark as "bullish", because downside action if it starts, probably will start on next week.
COINBASE:BTCUSDLong
by Sive-Morten
Goldmine for breakout tradersMorning folks, So, it seems that "222" Sell last time was not a bad idea at all. Despite that BTC stands in rectangle we've got two nicely looking downside bounce. Now we have some nuances with the BTC performance, but to keep it simple it is mostly suitable for those who like to trade breakouts. If you do not want to wait a bit for clarity on daily chart, in what direction market still will follow, but want to trade today we could offer you few options. First, is, if you want to bet on upside breakout and take long position - try to do it as closer to the rectangle bottom as possible. For example - it is nice "222" Buy is forming and almost ready to go. The opposite is true for bearish position. Now we have no patterns, but they could appear later. Finally, for the breakout, if you do not care on direction. The simplest way to act is to use Stop Sell and Buy orders at once, placing them just outside of rectangle. When breakout happens, you just cancel the opposite order. That's all. I mark today's idea as "neutral", because it is volatility-based.
COINBASE:BTCUSD
by Sive-Morten
Control the riskMorning folks, So, our H&S is done well, and already has reached the minimal target. Now the major question whether it will go to 74.3$, a kind of "bonus" upside target. Maybe.. But, today we would think about protection and risk control, rather than about some bargain. On daily chart we've got bearish grabber that is taking the shape of '222" Sell here, on 1H chart. We're coming to PCE report and long Easter Holidays. BTC could go higher, but today we would focus on risk control instead. Think about some risk management of long position - booking totally or partially, stop tightening etc. Bears by the way, could think about short entry. Chances on success are low, but potential money risk is small as well. If you succeed, result will be 10K+ per coin. It worthy at least to think about it... Let's mark this report as "bearish"due described issues.
COINBASE:BTCUSDShort
by Sive-Morten
2nd attempt is betterMorning folks, So, let's go back to our H&S pattern, which is a 2nd attempt to go long. You could see that it starts working. Right arm stands in place and now we could move stops to breakeven. Second is - we could estimate targets. First one is H&S AB=CD around 69.70K. If we get lucky, we could see 1.618 expansion to 74.3K. Finally, if you've missed entry but still would like to step it - on 1H chart we have local "222" Sell. Here you could watch for two nearest support levels. Just avoid buying if we get strong downside action. Drop under 64.50K Fib support also will be a bad sign, because it breaks the nature of reverse H&S pattern that should be bullish. And strong drop with erasing of the right shoulder definitely will be the sign of H&S failure. Keeping this simple rules in mind should let us to pass this journey without big shocks.
COINBASE:BTCUSDLong
by Sive-Morten
Nice bullish signalMorning folks, Although we were a bit sceptic last time about good entry chance, because we saw how BlackRock just buying out any, even minimal deep on the market. Still, market was able to reach 65K area that we've discussed on Thursday. 65K is also daily oversold. Since we have strong upside momentum, upside bounce should be at least 5/8, which is around 70K, but this is minimal target, it could move higher. On 1H chart we have great pattern on the back of this idea - reverse H&S. It is not totally completed yet, but shape is becoming clear. So, depending on what AB-CD pattern we will get, based on this pattern, we get corresponding upside target. For now it is around 71-72.5K We consider no shorts by far.
COINBASE:BTCUSDLong
by Sive-Morten
1
Low chances for good entry piontMorning folks, So, BTC keeps it unstoppable rally, and is strongly overbought on weekly chart. But for now market totally ignores this. Yes, upward action is slowing, we have small tactical bearish grabbers on 4H chart, but it gives low chances on moderate retracement. BTC successfully holds above previous ATH, showing no significant retracement and no doubts - this is bullish sign. Besides it has no strong resistance levels above, right up to our 85-88K target. That's being said - common technical rules recommend to not buy and way for the pullback. But would you wait or not - you need to decide by yourself. Here we just acknowledge that we do not have attractive entry point. Only, if by some reason, market will show pullback to 65K or at least to 68K, it might be interesting. The same is for bearish positions - no reasons by far.
COINBASE:BTCUSD
by Sive-Morten
5