No bullish breakthrough
Morning folks,
So, we've got the drop that counted on last time and BTC once again at 5/8 support. But is it ready to be bought now? I have big doubts on it. BTC now stands in tight performance with the US interest rates. Once they have jumped to 1.56% area - BTC has dropped.
Right now, interest rates suggest minor retracement, as "222" Sell pattern has been completed there. The reflection of this we have on BTC - a bit ugly 3-Drive buy, suggesting possible pullback to 48.1-48.3K area. But this is only for scalp traders.
In a bit longer perspective, we think that the time is not come yet to invest. First is - drop was rather deep and choppy. Market stands at 5/8 support for the second time, which increases the chance of further drop back to the lows. Second - right now we do not have any clear bullish pattern and no solid bullish performance that could assure us with reversal.
That's being said - if you trade on 1H or lower time frames, you could try to buy with 48.1-48.3 target at K-resistance area. While on higher time frames, daily/weekly basis, we do not see sufficient context for long entry right now. Chances on re-testing of major lows have increased as well, with this recent downside action...
So, we've got the drop that counted on last time and BTC once again at 5/8 support. But is it ready to be bought now? I have big doubts on it. BTC now stands in tight performance with the US interest rates. Once they have jumped to 1.56% area - BTC has dropped.
Right now, interest rates suggest minor retracement, as "222" Sell pattern has been completed there. The reflection of this we have on BTC - a bit ugly 3-Drive buy, suggesting possible pullback to 48.1-48.3K area. But this is only for scalp traders.
In a bit longer perspective, we think that the time is not come yet to invest. First is - drop was rather deep and choppy. Market stands at 5/8 support for the second time, which increases the chance of further drop back to the lows. Second - right now we do not have any clear bullish pattern and no solid bullish performance that could assure us with reversal.
That's being said - if you trade on 1H or lower time frames, you could try to buy with 48.1-48.3 target at K-resistance area. While on higher time frames, daily/weekly basis, we do not see sufficient context for long entry right now. Chances on re-testing of major lows have increased as well, with this recent downside 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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