Just watch for the pattern
Morning guys,
So a lot of concern now stands on next BTC step. Our downside AB=CD retracement is completed perfectly as market hits 59.5 support and target area. Our answer is simple here. On 1H chart market always equally reacts on support. It starts forming a kind of H&S shape - so you could see the similarity by yourself from our chart.
It means that this is the pattern for those, who intends to go long. This is relatively safe, as invalidation point stands right at the bottom of the pattern. At the same time - this pattern is a signal. If it fails - then be prepared to the 50-51K drop. The failure of the pattern is the signal for the bears....
If you decide to buy BTC - try to move stops at breakeven as soon as possible, when minor upside reaction follows, at least. Because market could limit upside action just with minor target, as it was last time...
So a lot of concern now stands on next BTC step. Our downside AB=CD retracement is completed perfectly as market hits 59.5 support and target area. Our answer is simple here. On 1H chart market always equally reacts on support. It starts forming a kind of H&S shape - so you could see the similarity by yourself from our chart.
It means that this is the pattern for those, who intends to go long. This is relatively safe, as invalidation point stands right at the bottom of the pattern. At the same time - this pattern is a signal. If it fails - then be prepared to the 50-51K drop. The failure of the pattern is the signal for the bears....
If you decide to buy BTC - try to move stops at breakeven as soon as possible, when minor upside reaction follows, at least. Because market could limit upside action just with minor target, as it was last time...
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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