43K bearish setup
Morning folks,
By watching on the way, how BTC is climbing up, it seems that sentiment remains bearish but there is some monetary support exists on the market. As EU economy meets big problems, investors are searching for alternatives in a way of the US assets and cryptocurrencies.
Still, as performance looks heavy, slow and choppy, we do not see any reasons to be optimistic and take long position here.
Tactically we see bearish setup, that might be interesting, at least it provides acceptable risk/reward combination. BTC hits AB=CD target of 42.97K on 4H chart, forming "222" Sell and finalizing it with 3-Drive pattern, showed on the chart. Theoretically it could become the starting point of either downside pullback or more extended downside action.
By watching on the way, how BTC is climbing up, it seems that sentiment remains bearish but there is some monetary support exists on the market. As EU economy meets big problems, investors are searching for alternatives in a way of the US assets and cryptocurrencies.
Still, as performance looks heavy, slow and choppy, we do not see any reasons to be optimistic and take long position here.
Tactically we see bearish setup, that might be interesting, at least it provides acceptable risk/reward combination. BTC hits AB=CD target of 42.97K on 4H chart, forming "222" Sell and finalizing it with 3-Drive pattern, showed on the chart. Theoretically it could become the starting point of either downside pullback or more extended downside action.
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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