Morning folks, Just minor update here, as picture mostly stands the same as on Monday. Last time we said that if BTC will be lucky enough and could show upside AB-CD pattern - it might be good combination for short entry. Upside AB-CD target perfectly agrees with strong 17040-17080 resistance area and also we get "222" Sell in this case. BTC despite all the...
Morning everybody, So, we could see across the board that markets are going against the dollar, at least in short-term. While Dollar Index shows signs of weakness. We do not suggest that this lasts for too long, but still, this action is not over yet, and our analysis as of EUR as of Gold market also suggests further upside continuation. Meantime, BTC has no...
Morning everybody, So, market is so weak that was not able to show even minor 0.618 AB-CD action back to 17-17.10K resistance area that we've discussed last time. Now we're getting more and more bearish signs on FX market, DXY. Thus, it seems that BTC will take out daily 16.27K lows very soon. Despite that we have here "222" Buy pattern - we do not consider...
Morning everybody and Merry Christmas, So, holidays intrude a bit to BTC performance as well, delaying pattern's appearing that we've discussed last time. When activity returns, BTC could keep going to 17.35-17.4K target and area of the right arm's top of our 4H H&S pattern. But, at the same time, we think that bulls have to worry about 17045-17080 area, which...
Morning folks, Everything were going with our trading plan, but unexpected collapse on Japanese Bonds market and BoJ rate action to 0.5% has changed normal price behavior. Still, we treat it as temporal intruding, and soon effect of this event should fade. Thus, current action we treat as a chance to Sell at better price. Particularly speaking, 17.40-17.50K...
Morning folks, So, downside action was even sharper than we thought, BTC collapsed without any H&S shape. Now it stands at local support area. We do not consider any long positions by far. For short entry 17.15-17.25 K-resistance area (and former trend line) looks interesting. Alternatively, if, still, it will be the H&S of a bit larger scale, BTC could climb...
Good morning, So, the bullish "Wild card" discussed last time has worked and BTC has completed 17.8-18.2K targets that we've discussed. Does it change something? No. Overall context remains bearish. Recent Fed statement, although has matched to expectations but still was slightly hawkish as just two members voted for the terminal rate below 5%. Market now stands...
Morning folks, Well, technical picture, no doubts, stands bearish. We've warned you about it within recent few weeks, and since the beginning of 2022 in a scale of monthly and weekly time frames. Now, if we wouldn't have CPI and Fed I would call for short entry. But, due coming important data we need to wait and get more confirmation. At the same time, CPI and...
Morning folks, BTC looks weak. Maybe coming PPI numbers tomorrow and CPI + Fed on Tue could support market in short-term, but data release can't change the fundamental background that is vitally hurt by FTX tragedy. Confidence in crypto market is lost now. Speaking about our technical setup - market has failed to stay above 17060 level that was crucial for the...
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...
Morning folks, So, our 1H H&S pattern that we've discussed last time is started well. In fact, as all other markets, BTC has got the same boost from J. Powell. Since this is external factor, hardly it will last too long. But positive NFP numbers should let BTC to complete 18-18.2K extended AB-CD target. Once this will be completed, BTC hits strong daily...
Morning folks, Last time we've discussed this H&S pattern, it was just on a starting stage. Now it is almost completed. You know our position, we're skeptic on any bullish performance as there are now fundamental background for it. And we mostly are watching for this H&S failure. But... those who have bullish view, could consider 15.95-15.97 support area, where...
Morning folks, BTC is taking pause and delays downside action to 14.8 and 13K target due to external factors. Mostly due to short-term dollar weakness that we suggest should last until the end of November. We keep valid mentioned targets and think that they will be completed, but a bit later than we initially thought. We're skeptic on any bullish performance on...
Good morning, BTC mostly accurately completed our Thu analysis, showing just minor upside action to 17K and then has turned down again. We expect hawkish Fed minutes on Wed and consider no long position. Nearest standing targets are 14.8K and 13.9K of potential downside butterfly pattern.
Morning folks, BTC performance looks weak, price is forming triangle consolidation after solid drop, which has more chances on downside continuation. Last time we have considered long entry on a pullback, and in general setup has worked nice. If you still keep longs - move stops to breakeven. If you do not have longs - do not take it by far. BTC could show minor...
Morning folks, Long term sentiment and context remains bearish. FTX accident now is coming from just corporate finance topic into political and corruption scandal. Its echo will sound for a long time and many delicate nuances could come on a surface. The major result is losing of the confidence of investors into crypto. Still, on a background of short-term...
Morning folks, BTC once again confirms our long-term view. Those who read our fundamental reports do not buy BTC. Of course we can't foresee the reasons why it happens, but even fundamental background stands against long-term investment in crypto currencies. Thus, our 16.5K target is done, which is also 1.27 extension of daily/weekly butterfly. Since BTC is...
Morning folks, BTC mostly stands in the same area, but still was able to complete our intraday XOP target around 21.6. Now it is not good idea to forecast something, as we should get elections result and CPI numbers, but, based on technical picture, it seems, the top of right arm, around 21.15K will be vital for both sides. If H&S starts to work, BTC will go...