Pullback to 19-19.45K area
Morning folks,
So, BTC rally has been triggered by FTX news, that they have recovered 5Bln for clients and later was supported by common euphoria around CPI numbers. In our weekly FX report we've explained why it is temporal and soon everything returns back to its own. But, market likes to follow wishful thinking. Anyway, we have bullish context. Last time we've agreed to watch for 19.1K area resistance, were waiting for some response. It has not happened, and this makes us to switch to next, XOP target that market has hit recently.
Now price stands at 1.618 AB-CD extension, at overbought and near 21.6K Fib resistance. Definitely it is not the moment for position taking and we need to wait for pullback. Now we consider 19-19.45K levels, as most probable destination of retracement. Still, we also do not exclude possible reverse H&S pattern. In this case pullback could reach 18.3-18.5K level.
For the bears it is nothing to do by far, unless you're trading on intraday charts.
So, BTC rally has been triggered by FTX news, that they have recovered 5Bln for clients and later was supported by common euphoria around CPI numbers. In our weekly FX report we've explained why it is temporal and soon everything returns back to its own. But, market likes to follow wishful thinking. Anyway, we have bullish context. Last time we've agreed to watch for 19.1K area resistance, were waiting for some response. It has not happened, and this makes us to switch to next, XOP target that market has hit recently.
Now price stands at 1.618 AB-CD extension, at overbought and near 21.6K Fib resistance. Definitely it is not the moment for position taking and we need to wait for pullback. Now we consider 19-19.45K levels, as most probable destination of retracement. Still, we also do not exclude possible reverse H&S pattern. In this case pullback could reach 18.3-18.5K level.
For the bears it is nothing to do by far, unless you're trading on intraday charts.
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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