Morning folks,
So, the 1st part of our journey is over - BTC is at the 63K support area and the right arm's bottom. IT's time to make a decision on long entry. Because BTC is either go up right from here or it is not at all and collapse.
But... personally I do not like this H&S too much, because of too strong downside action on the right arm. That's why, just to protect yourself, if you want to buy - wait for some bullish pattern around. Say - butterfly as I draw it or minor patterns on 5-15min charts.
This H&S has big chances to fail. In this case 60-61K area is the next test, which is a major one, actually.
I mark this update as "bullish" just because of the pattern's nature. But, As I warned - I do not like it too much.
So, the 1st part of our journey is over - BTC is at the 63K support area and the right arm's bottom. IT's time to make a decision on long entry. Because BTC is either go up right from here or it is not at all and collapse.
But... personally I do not like this H&S too much, because of too strong downside action on the right arm. That's why, just to protect yourself, if you want to buy - wait for some bullish pattern around. Say - butterfly as I draw it or minor patterns on 5-15min charts.
This H&S has big chances to fail. In this case 60-61K area is the next test, which is a major one, actually.
I mark this update as "bullish" just because of the pattern's nature. But, As I warned - I do not like it too much.
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/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.