Morning folks, Once our first major daily target around 25.7-26K has been completed, BTC has started reasonable retracement. By the price shape we can't treat it as upside reversal and suggest that most probable it could become an AB=CD shape up to 28.4K area, at best. Then, we think that downside action could continue. Our next downside daily target stands...
Morning folks, So, our 1st daily H&S target is completed perfectly, in a way of downside AB-CD, with CD leg shape in a way of butterfly pattern. The question is - should be we buy already? I would say - no. First is, because daily H&S also has 1.618 ultimate target around 24K that agrees with major daily support area of 23.8-25K. But not this moment is a major...
Morning folks, we do not big changes in our trading plan - everything goes by classic scenario of H&S pattern. Now price stands around the neck. We do not consider any long positions by far. Supposed target of this pattern is 25-26K, which is the vital one for further bullish BTC scenario. For short entry you could consider near standing resistance levels....
Morning folks, We do not need to make drastic shifts to our trading plan as BTC is going accurate with it. The core is daily H&S pattern with 26K destination point. Next week was some risk around the top of right arm and it was seemed that BTC could break it, but it couldn't, and H&S starts to work. Now, market is coming to 27K neckline area. We do not consider...
Morning folks, Today we need just 1H chart to make an update, because BTC shows humble reaction on Fed statement, at least compares to gold market. Despite minor bounce - the daily H&S is still valid and we could talk about its failure only if BTC returns back into 30-31K range, at least. For now - the only Fed's fruit here is "222" Sell pattern. If you believe...
Morning folks, BTC accurately follows to our daily H&S scenario. Now it seems that the top of right arm is in place already. If you're looking for bearish position taking but missed to do this around 29.5K area, discussed last time - here you could watch for 3/8 retracement on 1H chart, somewhere to 28.9-29K area. The top around 29.5K also is an indicator of...
Morning folks, BTC very accurately follows to our H&S shape. So, the right arm's top that we've discussed on Monday is completed now. For the bears - this is the moment of decision making on entry. Additionally, H&S is great directional indicator. Its failure (which we think as less probable scenario), suggests immediate upside continuation and 31K level...
Morning folks, BTC accurately follows to our H&S plan. Our intraday target around 26.5-27K which is the neckline, is mostly done. Next step that we're watching is a forming of the right arm around 28-28.5K and then major extension to 24-25K area - strong daily support. Depending on your view you could choose corresponding positions. Intraday bulls could...
Morning folks, So, BTC starts nice with our minor 1H H&S pattern, and its minimum target, OP around 28.3K area is done. CD leg shows acceleration, so after some minor bounce we expect continuation to the next ~27K area. This action is a part of our larger H&S scenario on daily chart and 26.5-27K actually is a neckline.
Morning folks, Once our 31K OP target has been hit - BTC starts to show tactical signs of weakness. It is vital for BTC to stay above 25.5-26.5K support area to keep major upside trend with 36-38K destination point. Downside breakout of 26K support level could significantly increase chances on downside acceleration. In very short-term, we consider first step...
Morning folks, So, this part of our plan is done - market hits 29.4-30K area. Let's say "thank you", JPow. Does it mean that price is already on the way to next 35.5-38K target/resistance area? I wouldn't say it yet. Just because around 30.5-31K we have resistance. And before take position for further upward action, we have to be sure that this is real upside...
Morning folks, So, market stands quiet in recent 3 weeks and we have not many thinks to add to our previous view. In short-term perspective, we still think that here we should get some upside spike, supposedly to 29.4-31K at least. THus, we do not consider any short positions by far. Concerning longs one - we follow the same tactics of searching patterns inside...
Morning folks, No big changes so far. We do not see yet the crash of bullish context. Since our major 29.4K target has not been completed yet - we could take position that could lead us there. Today we consider intraday 27.2K area as potential entry. Once major target will be hit - we need to see in what manner this will happen. If BTC will hold above 30K we...
Morning folks, So, Monday's trading plan is done more or less positive as BTC comes to upper border of consolidation. Now, we have a bit tricky situation. Bullish context is still valid here but price stands at weekly resistance area, forming daily bearish divergence and showing minor bearish wash&rinse, here, on 4H chart. So, it is not very comfortable to...
Morning folks, So, market still stands in the same place where we've left it last time, LOL. Deeper downside pullback to ~25.5K area that we have discussed has not happened and market is coiling above nearest 3/8 support area. This could be treated as short-term bullish sign. Besides, last session we've got bullish grabber on daily chart. Here we also see signs...
Morning folks, Despite that JPow show was mostly dovish, stocks and BTC turn down. From technical point of view - it is not a surprise, because 28-29K area is strong weekly resistance area. On a daily chart we've got bearish reversal session, which makes us to watch for deeper retracement. Thus, we keep our 25-25.5K suggestion valid by far
Morning folks, We still doubt on upside BTC perspectives in long term, suggesting 35K as maximum upside potential. The common sense tells that Fed has started the banking crisis not to make crypto investors happy. They will grab all cash back, as they need it for Bond market and budget deficit close. Still, in short-term we're going with our H&S pattern and...
Morning folks, Running into "alternative" assets is continuing. Personally, I have big doubts on bullish perspectives of BTC, just because Fed has started this ciris not to make BTC holders happy. My suggestion that very soon party will be over and we hear screams "let me out". But, not now probably. Market starts new big journey with weekly/daily H&S pattern...