Morning folks, BTC has bounced up from predefined area that we've discussed on Friday, but under external circumstances (you know what they are) jumped above our 21.5K target. Right now we do not see any fundamental shifts in BTC background. Current banking crisis promises nothing good to crypto in longer term. We treat US Treasury "saving fund" creation as a...
Morning folks, So, everything goes with the plan - market was not even needed to form H&S pattern on intraday charts, that we've previously considered. As crypto-industry has got the 2nd hit after FTX from SilverGate bank, BTC just collapsed, significantly lower than our intraday target of 21K. Now we have to increase the time frame and watch on daily chart...
Morning folks, So, everything goes with the plan, that's why just two words - watching for neckline hit around 21.4-21.8K. Bears should tight stop and think about booking, while bulls have nothing to do by far, should wait when neckline will be reached, then watch for reaction and potential bullish patterns on 1H chart.
Morning folks, BTC was able to complete upside XOP retracement target, but overall action is choppy and slow, which suggests retracement nature. That's why we keep the same trading plan and consider short position with target around 21.5K area. Sudden upside breakout of 24.25K resistance means that BTC goes to 26K target and is forming upside 3-Drive "Sell"...
Morning folks, We're keep going with our H&S pattern. Since market was not able to form upside butterfly pattern, our H&S turns to 1.27 ratio instead of common 1.618. Now we're watching price action back to the neckline around 22K. There are few moments to watch. Price now stands at strong resistance area around 23.5K area. Normally it is enough to keep bearish...
Morning folks, As we've said previously - we're sceptic on current upside rally and still watching for reversal. Since BTC is still coiling around the top, we see rising bearish pressure, based on price shape performance. Our previous trading plan is still valid, as BTC still keeps theoretical chances to form upside butterfly. But, in fact, we don't care what...
Morning folks, Last time we've discussed big 4H H&S pattern, with potential Head top around 26K. This week is supposed to be tough - Biden speech, Putin speech, PCE, Fed Minutes, multiple PMI's etc etc. Our fundamental analysis tells to not believe in "easing of regulation". In reality, regulation is becoming tougher, as world is coming to introducing of CBDC....
Morning folks, Once we've wondered what could push BTC to 25K area - answer has come suddenly. Without intruding of external factor - overall background as technical as fundamental has not suggested and still doesn't suggest upside rally. So we treat this performance as not reliable. With strong daily resistance around 26-27K area and current overbought on...
Morning everybody, BTC performance looks bearish. It was not able to complete our upside AB-CD retracement on 1H chart and collapsed. Maybe coming CPI/PPI and other stuff could change the situation, but for now we do not consider any long positions. Daily trend stands bearish, and we have DiNapoli DRPO "Sell" pattern in progress, with nearest target of...
Morning everybody, So, as we are watching for pullback on EUR, GBP, Gold and other assets, we do not see any reasons to step aside from our scenario here. Our Monday's setup was completed well, as BTC once again has shown upside AB-CD retracement. That's why we consider another one, somewhere to 23-23.1K resistance area
Morning everybody, We have hoped that BTC completes 25K butterfly on daily chart, but it seems that situation turns different. Still, this is not vital, but technically it would be perfect, if this would happen. Anyway, as we expect that downside action continues on other assets, as we do on BTC. In nearest term we expect minor upside bounce (as on EUR, Gold as...
Morning folks, So, it seems that markets have heard only "disinflation" word from JP and missed everything else. We think that recent Fed comments were hawkish enough and euphoria will exhaust soon, when mispricing becomes obvious. Meantime nothing has changed in our mid term view - we're watching for reverse H&S on weekly chart and upside butterfly on daily...
Morning everybody, BTC now has no technical barriers for upward action to our major 25-25.5K destination point. Its not at overbought and has no Fib resistance levels ahead. Still, we have tough week with multi central banks decision, NFP and other stuff. And some external factor intruding could hurt bullish tendency. In nearest term, we think we have to keep...
Morning everybody, So, overall tendency and sentiment is positive on BTC market (although we're skeptic on major reversal idea due to fundamental reasons). Technically market should not have any big problems to reach 25.5K area - next solid resistance. But, there few moments that make it tricky. First is, as EUR as Gold now stand at strong resistance areas....
Morning guys, We have big doubts on long-term upside reversal due fundamental reasons. Meantime, short-term context is bullish. Now we consider 25.2-25.9K resistance as nearest destination point. 22.22K and 21.30-21.50K supports could be considered for position taking. Be aware of statistics this week- Durable orders, GDP, PCE.
Morning folks, So, BTC rally has been triggered by FTX news, that they have recovered $5Bln for clients and later was supported by common euphoria around CPI numbers. In our weekly FX report we've explained why it is temporal and soon everything returns back to its own. But, market likes to follow wishful thinking. Anyway, we have bullish context. Last time...
Morning guys, Last time we've postponed bearish position taking as market strongly has passed through 1704-17080 resistance area and we've agree to watch for next upside target around 17.6K. Additionally we've said, that with stronger upside performance we could have to increase the scale and take a look at larger AB-CD pattern on daily chart. Now the time has...
Morning folks, As you could see BTC has reached the level that we've discussed last week - 17040-17080 resistance, and did it relatively easy. Since we consider upside continuation on other markets as well - EUR, Gold, on BTC we also postpone bearish scenario and now do not consider entry. Price stands above the K-resistance area and above OP target that we've...