17.6-17.7 K seems the ceil now
Morning folks,
So, let's keep going with our reverse H&S and its targets. As we've said, the first one was hit last week. Once OP is done, BTC has formed minor triangle consolidation which is broken up now. Next H&S target is XOP around 18.15K. But the problem is 17.5-17.7K strong resistance area, that includes Fib level and previous daily lows.
As you know we're skeptic on any upside action on BTC and have not taken longs since the beginning of 2022. And we're not going to do it now, although it could climb a bit more. Mostly we're considering 17.6-18.15K area as potential for selling. Before major reversal happens, all markets could climb a bit higher - EUR (to 1.0595-1.0610), Gold (to ~1825) but everywhere, the background for reversal is growing. So the same on BTC.
If you still would like to buy - you could consider 17.15K Fib support and keep an eye on 16.95K area - market should not break it down. If it will - the bullish party probably is over.
So, let's keep going with our reverse H&S and its targets. As we've said, the first one was hit last week. Once OP is done, BTC has formed minor triangle consolidation which is broken up now. Next H&S target is XOP around 18.15K. But the problem is 17.5-17.7K strong resistance area, that includes Fib level and previous daily lows.
As you know we're skeptic on any upside action on BTC and have not taken longs since the beginning of 2022. And we're not going to do it now, although it could climb a bit more. Mostly we're considering 17.6-18.15K area as potential for selling. Before major reversal happens, all markets could climb a bit higher - EUR (to 1.0595-1.0610), Gold (to ~1825) but everywhere, the background for reversal is growing. So the same on BTC.
If you still would like to buy - you could consider 17.15K Fib support and keep an eye on 16.95K area - market should not break it down. If it will - the bullish party probably is over.
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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