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Morten

3320$ retracement is possibleMorning, guys, On Friday our minor 3170 target has been hit - its intermediary one on the way to major 2900 point. This target is based on two butterflies - 4H 1.27 one and 1H 1.618 that you see on the chart. Also AB=CD target has been completed. Now market is forming something that reminds H&S shape. It means that we could get at least AB-CD pullback to ~3320 area. Although we still keep bearish sentiment and mostly treat this pullback as the chance to step in on bearish side again - we should get '222" Sell by this retracement. Long position is not forbidden until "C" point is valid. Otherwise, it will be H&S failure and market will continue downside action.
COINBASE:BTCUSDLong
by Sive-Morten
2900$ on the table?Morning guys, Market shows very weak reaction on any bullish patterns that was forming on intraday charts. Current situation is not an exception. This makes us to wait for 1.618 butterfly target on daily chart around 2900$. Reaction on 1.27 target was just minor harmonic swing. Once trend stands bullish by MACD but price shows flat action - this makes us think on existence of bearish dynamic pressure, which should lead to another leg down sometime soon. Analysis of intraday charts stand in the daily video on our website. Link stands in sign.
COINBASE:BTCUSDShort
by Sive-Morten
4050 minimum target of 3-Drive "Buy" patternGreeting everybody, We're still watching for extention of upside retracement and patterns that could trigger it. Since taking of bearish position is postponed on indefinite time, because we need to wait either when upside retracement will be over or for clear signs of BTC failure and downside action. Now we do not have anything of this kind. For short-term bullish trading, BTC has formed 3-Drive "Buy" pattern on 4H chart. It suggests action above 4050$, but also could become the starting point of greater action. If you have bullish view, you could think about it. Pattern will be valid until market holds the lows. For position taking minor 3/8 retracement could be used on 1H chart, or some bullish continuation pattern, say "222" Buy.
COINBASE:BTCUSDLong
by Sive-Morten
4100 or 3450$ ?Morning guys, Now we're investigating upside retracement on daily chart, which could happen by one of the three patterns - "222' Buy", Double Bottom or butterfly "Buy". As '222" Buy already stands in place - we're watching of market reaction on it. Yesterday we've talked that upside action could start by H&S pattern, and indeed, market hit the neckline and now is forming right arm. But, now it seems that arm is overextended to the downside and breaks the harmony of the pattern. This makes it weaker. Anyway, if H&S will hold, we could get action to 4100, as AB-CD target of this pattern. Conversely, dropping below recent lows and moving back to the head means that daily '222" triggereed only minor reaction, and next pattern stands on horizion, which is Double bottom. It means that BTC will drop back to daily lows...
COINBASE:BTCUSD
by Sive-Morten