Only for the fans
Morning folks,
So, CPI report stands in a row with our long-term BTC view, matching good to the 12K and 9K targets that sooner or later but will be completed. Currently overall sentiment stands negative as chances for 1% Fed move now jumped up to 38%. Besides, our Dollar Index Analysis suggests action to 113 area, which brings nothing good to the bulls here as well.
Thus, any pullback we consider as short-term, and upside target is limited as well. In fact we're sceptic on taking the long position here, although theoretical setup exists. For the bears it is also nothing to do yet as they have to wait either for upside bounce to sell the rally or to downside breakout of 19.9K support area, which opens the road to the lows.
For the bulls... only for the fans... Theoretically you could try to follow current setup. We have hint on H&S here, chances on success are phantom. The only relief is that risk is very small. Take a look right at the bottom we have minor H&S pattern. So, it is not needed to place stop too far and is enough to hide it just under the lows. If minor H&S fails - the whole bullish setup will fail as well.
So, CPI report stands in a row with our long-term BTC view, matching good to the 12K and 9K targets that sooner or later but will be completed. Currently overall sentiment stands negative as chances for 1% Fed move now jumped up to 38%. Besides, our Dollar Index Analysis suggests action to 113 area, which brings nothing good to the bulls here as well.
Thus, any pullback we consider as short-term, and upside target is limited as well. In fact we're sceptic on taking the long position here, although theoretical setup exists. For the bears it is also nothing to do yet as they have to wait either for upside bounce to sell the rally or to downside breakout of 19.9K support area, which opens the road to the lows.
For the bulls... only for the fans... Theoretically you could try to follow current setup. We have hint on H&S here, chances on success are phantom. The only relief is that risk is very small. Take a look right at the bottom we have minor H&S pattern. So, it is not needed to place stop too far and is enough to hide it just under the lows. If minor H&S fails - the whole bullish setup will fail as well.
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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