Moment of truth for BTC - either up to 4500 or drop below 3000
Morning guys,
So, that's it. Price at the bottom of right arm of our H&S pattern. Potential target is 4500$ - AB=CD and strong daily K-resistance area.
Failure of H&S will lead to drop below the head, i .e. 3000$. Those of you, who tracks our analysis, probably knows that we have long-term uncompleted weekly 1800$ target and
treat this H&S only as a retracement. Sooner or later but due our expectations final leg down should happen.
That's why possible H&S failure here is not minor question for us.
The one thing that I do not like with this pattern is strong sell-off on right shoulder. Actually on right shoulder bulls should control the market. But, instead of gradual AB-CD that we've discussed previously,
we''ve got sharp drop. This is not good.
So, we offer to buy insurance - wait for upside action up from major 5/8 Fib support, where market stands right now, and appearing, say, reverse H&S on 1H chart. Butterfly we already have.
This is instead of buying right now... But, this is just IMO.
So, that's it. Price at the bottom of right arm of our H&S pattern. Potential target is 4500$ - AB=CD and strong daily K-resistance area.
Failure of H&S will lead to drop below the head, i .e. 3000$. Those of you, who tracks our analysis, probably knows that we have long-term uncompleted weekly 1800$ target and
treat this H&S only as a retracement. Sooner or later but due our expectations final leg down should happen.
That's why possible H&S failure here is not minor question for us.
The one thing that I do not like with this pattern is strong sell-off on right shoulder. Actually on right shoulder bulls should control the market. But, instead of gradual AB-CD that we've discussed previously,
we''ve got sharp drop. This is not good.
So, we offer to buy insurance - wait for upside action up from major 5/8 Fib support, where market stands right now, and appearing, say, reverse H&S on 1H chart. Butterfly we already have.
This is instead of buying right now... But, this is just IMO.
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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