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5900$ is next BTC targetMorning guys, It seems that our bet on collapse yesterday was correct - as soon as market has reached 3/8 Fib level drop has happened. Now market has completed some intraday targets. It means that within few hours minor pullback is possible, but we keep our bearish sentiment and look for 5900$ target on BTC. So, 3/8 retracement again, as yesterday is an area to sell again... Also - take a look at our previous ideas, dedicated to stock markets and our charts of DAX and NASDAQ... and don't tell that we didn't warn you. This is beginning of the catastrophy, guys...
BITFINEX:BTCUSDShort
by Sive-Morten
Minor upside bounce todayGreetings, It seems our bet on collapse yesterday was correct and BTC indeed has reached lower border of the triangle. This action has completed AB=CD leg and gives us 1H "222" Buy pattern. Still, we are not exciting on it too much. Recent collapse was fast and we treat this "222" just as background for minor pullback. Most probable is just 3/8 retracement to ~6600$ area, but not higher than 5/8 level @ 6650$ After that we expect that downside action will continue and treat today's bounce as a chance to go short. Our longer-term view stands intact and it's bearish.
BITFINEX:BTCUSDLong
by Sive-Morten
6500$ is a vital level for short-term perspectiveMorning guys, BTC shows very narrow price action, activity has dropped significantly, so we do not need even any update on daily and 4H analysis. Today is NFP release and preliminary balance stands not in favor of BTC as market mostly expects to get good numbers. Anyway, BTC stands tight and is forming something like reverse H&S on 1H chart. Whatever it will be - 6500$ area has been tested multiple times and supports BTC from collapse. This level will be crucial today either. Drop below it could trigger chain of breakouts of lower stand levels and trigger action to our downside targets that we've mentioned before on 4H chart. Standing above 6500$ and breaking 4H trianlge up could turn short-term sentiment to bullish
BITFINEX:BTCUSD
by Sive-Morten
BTC looks heavyMorning guys, our 1H H&S pattern has been completed on Friday by occasional spike up of NFP release. Longer term analysis mostly makes us to look south. It means that every time when market will come to long-term trendline - it is time to go short, especially if we have some bearish continuation/reversal pattern. Now it is around 6800 - 7000$ on daily chart. Longer term analysis holds us from taking any long position. It will be possible if long-term triangle will be broken up. Now we see more chances of 6000$ breakout. Please follow our signature link to see other charts - weekly, 4H, 1H.
BITFINEX:BTCUSDShort
by Sive-Morten
1
EUR up to 1.1623 then down to ~1.1560Greetings guys, So, yesterday market has touched our 1.15 support area and neckline of 4H H&S pattern that we've talked recently and still keep in focus. Now it's time to talk on upside perspectives. Following the harmony of the pattern, upside action should reach 1.17-1.1730 area. Our butterfly has worked perfectly and market turns up. Now, on 1H we're watching for minor reverse H&S pattern, with upside continuation to 1.1622 Fib resistance first and drop to 1.1560 - 5/8 Fib support second.
Long
by Sive-Morten
BTC looks to heavy for upside contextMorning everybody, Recent price action makes us keep bearish scenario valid. BTC action looks heavy, no signs of thrust up. Current action as on daily chart as on 4H chart looks like retracement after fast drop. Besides, we have uncompleted our major daily 5900$ target. Putting it all together, our expectation stands with downward continuation. The only uncertainty is not about the target but around the point where this action should start. Either it will start right from here, or, market could form 1H "222" Sell". Please for daily and 1H patterns visit our signature link, dedicated to BTC analysis.
BITFINEX:BTCUSDShort
by Sive-Morten
EUR is tending lowerMorning guys, Last week was a reversal one right from strong daily resistance. As a result, we've got bearish engulfing pattern on weekly chart, which, as a rule, takes the shape of AB=CD action on lower time frames. Since we also could recognize H&S shape here, our expectation is EUR should reach ~1.1450 area, by forming right shoulder and upside retracement first, as it is shown on the chart: Deeper all time frames EUR analysis and fundamental market background you could find on our signature link.
Short
by Sive-Morten
BTC on crossroadsHey everybody, While we keep bearish context on daily chart still, since market was able to hold inside the channel - our bearish scenario was not realized. As result market has followed to bullish MACD divergence and completed 1.618 AB-CD inside the channel. Now price stands very close to 6900 Fib resistance area. Also we have larger AB=CD pattern with 7100$ target. Today we expect some technical pullback from 6800-6900 area, just because of resistance stands here. Next week, breaking up the previous top will lead market to 7100 target, where potentially we could get large "222" Sell pattern. If market will not be able to break recent top at all - we could get butterfly and downside action will start right from current point. So let's watch for pullback and see, whether it will turn to reversal or not.
BITFINEX:BTCUSD
by Sive-Morten
BTC short-term snapshotMorning everybody, Market stands in sideways upside channel action that we clearly see on 4H chart. Since this channel has started right after miserable plunge, it mostly has features of a retracement, a kind of flag consolidation. Hence, sooner or later, retracement should be over. This makes us keep our daily bearish view on BTC with 5900 target. On intraday chart we have two moments to watch for today. First is trendline support, this is crucial line here. While market stands above it - it keeps chances on upside action For example, today "222' Buy pattern could be formed. But, breaking of this line will shift "222" to butterfly probably and lead price to 1.618 target of our AB-CD pattern here. Recent Fed statement mostly supportive to USD, and honestly I would watch any upside action as a chance to go short with better price, rather than trade it long. Other charts - 4H and 1H with "222" we've put on our forum, just follow our signature link.
BITFINEX:BTCUSD
by Sive-Morten
$5900?Morning everybody, Yesterday we've provided two possible scenarios for BTC. First scenario was destroyed by price collapse below neckline of 4H Double bottom pattern. Usually this type of action leads to drop below the bottoms, which agrees with our daily 5900$ target. Our view on BTC was bearish and is bearish and it was just a question from which level downside action will be re-established. It seems that this process stands underway. Here is some phantom bullish hope exists for upside turning, but, to be honest, with short-term bearish view on FX and gold markets, Fed ahead and breaking of double bottom pattern, I would watching for rallies to sell into with 5900 target.
BITFINEX:BTCUSDShort
by Sive-Morten
BTC needs to hold above neckline to keep bullish contextGreetings everybody, Our Friday's bet on Double Bottom pattern was correct, but right now is a moment of thruth for BTC. In two words - it needs to stay above the 6505 lows to keep bullish context. We see two possible scenarios that could realized here. And one of them that already almost in place we discuss on our forum. It describes in details how to play current situation on hourly chart. Just visit our signature link and turn to last page in thread to read it. Also you will find a lot of interesting on ETH and Ripple analysis, made by our forumers.
BITFINEX:BTCUSDLong
by Sive-Morten