Still waiting for 8150-8250 major support area
Morning guys,
The whole week BTC stands inside the range of sell-off candle. And in current condition we follow to the odds. They, in turn, suggest two-leg, compound retracement, rather than "V" shape of retracement.
Right now price takes rectangle shape, and it keeps valid as our former H&S suggestion as possible direct downside breakout. This background now is suitable for scalp traders only. Rising back to 8.9-8.95K will the right arm of our H&S pattern and potential situation to consider bearish position, while right now as market is coiling around the "neckline" this is potential situation for scalp long position (although it is more risky).
Daily traders have nothing to do by far, as their aim is 8150-8250 major K-support area and potential "222" Buy pattern for taking the long position.
The whole week BTC stands inside the range of sell-off candle. And in current condition we follow to the odds. They, in turn, suggest two-leg, compound retracement, rather than "V" shape of retracement.
Right now price takes rectangle shape, and it keeps valid as our former H&S suggestion as possible direct downside breakout. This background now is suitable for scalp traders only. Rising back to 8.9-8.95K will the right arm of our H&S pattern and potential situation to consider bearish position, while right now as market is coiling around the "neckline" this is potential situation for scalp long position (although it is more risky).
Daily traders have nothing to do by far, as their aim is 8150-8250 major K-support area and potential "222" Buy pattern for taking the long position.
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.