Looks a bit heavy...
Morning folks,
Last time we've said that price performance with supposed H&S pattern should clarify the sentiment and direction. Now we see that performance looks a bit heavy. This is not the one that you expect to see with bullish reversal pattern.
The logic of H&S suggests that the 2nd half of the pattern should be controlled by bulls, that we do not see here. In fact, market has made attempt to touch the neckline but failed and drop back to the head. Now right at the bottom BTC has formed "222" Sell pattern (that you could see on 1H chart).
This performance provides not sufficient context for immediate long entry and increases chances on another downside action to major 51-53K support area. For long entry here we need more confirmation of bullish sentiment. With the things as they stand now, we suggest not to take long position by far.
Last time we've said that price performance with supposed H&S pattern should clarify the sentiment and direction. Now we see that performance looks a bit heavy. This is not the one that you expect to see with bullish reversal pattern.
The logic of H&S suggests that the 2nd half of the pattern should be controlled by bulls, that we do not see here. In fact, market has made attempt to touch the neckline but failed and drop back to the head. Now right at the bottom BTC has formed "222" Sell pattern (that you could see on 1H chart).
This performance provides not sufficient context for immediate long entry and increases chances on another downside action to major 51-53K support area. For long entry here we need more confirmation of bullish sentiment. With the things as they stand now, we suggest not to take long position by far.
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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