Two targets that could change everything
Updated
Morning folks,
So, our H&S starts perfect. Tactically we've missed a bit, expecting upside turn around 59.5K area, but data releases and putting down of ETH ETH perspectives have supported earlier upside reversal. Also Hong Kong is very active with opening domestic ETF's that boost BTC demand among Chinese population.
Now our H&S pattern has two target. Nearest and the most important one is around 69.15K. It is vital because it directly relates to monthly bearish engulfing pattern. While next upside target with our H&S will be 74.74K. If 67-69K will be broken, then monthly bearish pattern will be erased and it will be quite bullish.
That's being said, let's keep watching for 69.15K first and then for reaction around it.
So, our H&S starts perfect. Tactically we've missed a bit, expecting upside turn around 59.5K area, but data releases and putting down of ETH ETH perspectives have supported earlier upside reversal. Also Hong Kong is very active with opening domestic ETF's that boost BTC demand among Chinese population.
Now our H&S pattern has two target. Nearest and the most important one is around 69.15K. It is vital because it directly relates to monthly bearish engulfing pattern. While next upside target with our H&S will be 74.74K. If 67-69K will be broken, then monthly bearish pattern will be erased and it will be quite bullish.
That's being said, let's keep watching for 69.15K first and then for reaction around it.
Trade active
So, market is coiling around 67K daily resistance. We still think that it would be better to wait for 69K major target before making any trading decisions, especially on the short side. For now, we consider possible 3-Drive "Sell" pattern on 1H chart that could finalize upside 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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