A tricky moment
Morning folks,
Bitcoin was able to stay above our "C" point, keeping at least theoretical chances on upward action. And theoretically both scenarios are possible. This is typical situation, when market stands in contraction mode, forming narrower and narrower swings, so we could easily imagine butterflies in both direction.
But... we could be wrong actually. But we gravitate to bearish scenario by few reasons. First is, background has not changed and it is definitely not better than before 24th of February. Second - despite that big russian inflows, triggered recent jump and yesterday's attempt to go higher - sellers are absorbing any rally. Finally, on daily chart we have few bearish patterns, suggesting downside action. These moments makes us think that advantage stands on the bears' side.
That's why there are two options actually. Either you anticipate and take trades on patterns that yet to be formed, taking more risk, or - just wait for the clarity. On the chart we draw short-term possible scenario to the downside. IF you would like to sell, then it is possible to hide stop above 43K now.
Bitcoin was able to stay above our "C" point, keeping at least theoretical chances on upward action. And theoretically both scenarios are possible. This is typical situation, when market stands in contraction mode, forming narrower and narrower swings, so we could easily imagine butterflies in both direction.
But... we could be wrong actually. But we gravitate to bearish scenario by few reasons. First is, background has not changed and it is definitely not better than before 24th of February. Second - despite that big russian inflows, triggered recent jump and yesterday's attempt to go higher - sellers are absorbing any rally. Finally, on daily chart we have few bearish patterns, suggesting downside action. These moments makes us think that advantage stands on the bears' side.
That's why there are two options actually. Either you anticipate and take trades on patterns that yet to be formed, taking more risk, or - just wait for the clarity. On the chart we draw short-term possible scenario to the downside. IF you would like to sell, then it is possible to hide stop above 43K now.
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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