37K is a signal level
Morning everybody,
So, it seems that our doubts concerning recent rally, that it might be just flows of Russian oligarchs and EU investors at less degree, seems to be correct, as it was reversed very fast. Second is, BTC shows no positive reaction on supportive NFP report on Friday.
Our vital support level, that we've discussed last time, has been broken fast. And now we have big bearish engulfing pattern on 4H chart. Although we suppose that bearish context is already re-established, formal confirmation is downside breakout of 37K lows of "C" point. In this case upside AB-CD pattern will be erased.
Recent action makes us to keep our central scenario with daily butterfly and 26K target valid.
So, it seems that our doubts concerning recent rally, that it might be just flows of Russian oligarchs and EU investors at less degree, seems to be correct, as it was reversed very fast. Second is, BTC shows no positive reaction on supportive NFP report on Friday.
Our vital support level, that we've discussed last time, has been broken fast. And now we have big bearish engulfing pattern on 4H chart. Although we suppose that bearish context is already re-established, formal confirmation is downside breakout of 37K lows of "C" point. In this case upside AB-CD pattern will be erased.
Recent action makes us to keep our central scenario with daily butterfly and 26K target valid.
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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