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Forexpeacearmy

64-65K pullback is possibleMorning folks, Although BTC situation is changing and not to the good (we've talked about last time), market now stands at strong support area. 59-60K is strong daily support and oversold level. While here, BTC has done "222" target, suggesting that at least 30% pullback, somewhere to 64-65K area is possible. But, in longer term, drop under 60K will push price down to 50K at least, because of bearish patterns on monthly and weekly charts. Right now we do not consider any shorts, as market is oversold. If you consider intraday bullish trade - wait for clear reversal patterns there that we do not have yet, before taking the position. But anyway they will be formed somewhere around.
COINBASE:BTCUSDLong
by Sive-Morten
Context is still bearishMorning folks, So, unfortunately for BTC - it is traded 24/7, so while other markets were closed, BTC has taken all the mess from geopolitics. With recent collapse, it is logical to ask - where all those people who were taking about "safe haven", "gold replacement" etc... Now due geopolitical turmoil in weekend, our short-term bullish context has been destroyed, so H&S was not able to reach the target and has been erased. As a result, for now short-term context has turned bearish and we think that it is not time yet for taking new long position. On daily chart MACD is bearish and we've got bearish reversal swing last week. From this standpoint, current upside action might be just a retracement. To start thinking about new long entry we have to get bullish pattern, say reverse big H&S on 4H chart or any other. Daily trend has to turn bullish again. Now we have nothing of it. Thus, the situation is not ready yet for new purchasing. On 1H chart we need to watch how upside action will develop. Picture could improve significantly if BTC will return back to the top, but now it is still a retracement with predefined upside targets.
COINBASE:BTCUSD
by Sive-Morten
Plan works perfect so far, showing 76-77.3K targetMorning everybody, So, our H&S pattern starts perfect. The only thing that we've missed is the neckline top - we thought it should be around 71K but it has been formed around 73K, which is even better in perspective. So, 2nd stage of the plan is done as well - right arm stands in place. We also have bullish grabbers on daily chart. All this stuff, based on H&S suggests action at least to ~75.8-76K area, while daily expansions point on 77.3K. Invalidation point of this scenario is 67.5K right arm's lows. If BTC drops below it, our view will turn bearish based on H&S "Failure" pattern. But for now we have no reasons yet to consider bearish setup.
COINBASE:BTCUSDLong
by Sive-Morten
The plan is changing... at least the 2nd halfMorning folks, So, on Thursday we've suggested "60-67-60" action, and there are no questions to the first part. Indeed rally was really nice. But, the 2nd part of action from 67K down to 60K was based on potential weekly bearish engulfing pattern, if you remember. But it has not been formed as you could see. Together with other bullish signs that it is too long to describe here, now we cancel the idea of action to 60K and keep bullish view. Particularly speaking, upside breakout could come with reverse H&S on top. Now market is still coming to neckline and target around 71K. But, if breakout still happens, we consider 77.30K as the next destination point...
COINBASE:BTCUSDLong
by Sive-Morten
from-67K - to- 60K action is possibleMorning fellows, So our breakout setup is done well. What is looking intriguing now - BTC behaves quite different to gold, have you signed this? Recent performance, especially if we get good NFP tomorrow suggests that retracement might be a bit deeper. We consider 60-60.5K area as potential target (because we could get weekly bearish engulfing pattern by this week). But now BTC is overextended down on daily chart, so this action to 60.5K could start not know but after minor pullback, somewhere to ~ 66.5-67K area supposedly. So, how to better mark this idea as "bearish" or "bullish?" Let's mark as "bullish", because downside action if it starts, probably will start on next week.
COINBASE:BTCUSDLong
by Sive-Morten