Morning guys,
BTC indeed has dropped to next strong support level of 9.1 and at first glance it seems like good chances to buy. At the same time, I do not like how this action to 9K support has happened. We have clear downside acceleration
which is not good for bullish reversal. Besides, on daily chart we do not exclude appearing of big reverse H&S pattern, which, in turn, suggests right arm bottom around 8-8.4K area.
Combining all this stuff we suggest that BTC probably will show some respect of this strong support area, but it will be just temporal bounce up to 9.5K area, then we tend to idea of downside continuation.
If you have bullish view - there are two options. First is to buy from this K-support with stops below 8.6K (AB=CD target inside the channel), move stops to b/e as soon as possible, when price will show acceptable upside action.
Second option - ignore short-term context today and focus on next buying opportunity around 8-8.4K area.
9.1K is good support, no doubts, but we have nothing else around. I'm not sure that this is enough for entry.
BTC indeed has dropped to next strong support level of 9.1 and at first glance it seems like good chances to buy. At the same time, I do not like how this action to 9K support has happened. We have clear downside acceleration
which is not good for bullish reversal. Besides, on daily chart we do not exclude appearing of big reverse H&S pattern, which, in turn, suggests right arm bottom around 8-8.4K area.
Combining all this stuff we suggest that BTC probably will show some respect of this strong support area, but it will be just temporal bounce up to 9.5K area, then we tend to idea of downside continuation.
If you have bullish view - there are two options. First is to buy from this K-support with stops below 8.6K (AB=CD target inside the channel), move stops to b/e as soon as possible, when price will show acceptable upside action.
Second option - ignore short-term context today and focus on next buying opportunity around 8-8.4K area.
9.1K is good support, no doubts, but we have nothing else around. I'm not sure that this is enough for entry.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.