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BTC on crossroadsHey everybody, While we keep bearish context on daily chart still, since market was able to hold inside the channel - our bearish scenario was not realized. As result market has followed to bullish MACD divergence and completed 1.618 AB-CD inside the channel. Now price stands very close to 6900 Fib resistance area. Also we have larger AB=CD pattern with 7100$ target. Today we expect some technical pullback from 6800-6900 area, just because of resistance stands here. Next week, breaking up the previous top will lead market to 7100 target, where potentially we could get large "222" Sell pattern. If market will not be able to break recent top at all - we could get butterfly and downside action will start right from current point. So let's watch for pullback and see, whether it will turn to reversal or not.
BITFINEX:BTCUSD
by Sive-Morten
BTC short-term snapshotMorning everybody, Market stands in sideways upside channel action that we clearly see on 4H chart. Since this channel has started right after miserable plunge, it mostly has features of a retracement, a kind of flag consolidation. Hence, sooner or later, retracement should be over. This makes us keep our daily bearish view on BTC with 5900 target. On intraday chart we have two moments to watch for today. First is trendline support, this is crucial line here. While market stands above it - it keeps chances on upside action For example, today "222' Buy pattern could be formed. But, breaking of this line will shift "222" to butterfly probably and lead price to 1.618 target of our AB-CD pattern here. Recent Fed statement mostly supportive to USD, and honestly I would watch any upside action as a chance to go short with better price, rather than trade it long. Other charts - 4H and 1H with "222" we've put on our forum, just follow our signature link.
BITFINEX:BTCUSD
by Sive-Morten
$5900?Morning everybody, Yesterday we've provided two possible scenarios for BTC. First scenario was destroyed by price collapse below neckline of 4H Double bottom pattern. Usually this type of action leads to drop below the bottoms, which agrees with our daily 5900$ target. Our view on BTC was bearish and is bearish and it was just a question from which level downside action will be re-established. It seems that this process stands underway. Here is some phantom bullish hope exists for upside turning, but, to be honest, with short-term bearish view on FX and gold markets, Fed ahead and breaking of double bottom pattern, I would watching for rallies to sell into with 5900 target.
BITFINEX:BTCUSDShort
by Sive-Morten
BTC needs to hold above neckline to keep bullish contextGreetings everybody, Our Friday's bet on Double Bottom pattern was correct, but right now is a moment of thruth for BTC. In two words - it needs to stay above the 6505 lows to keep bullish context. We see two possible scenarios that could realized here. And one of them that already almost in place we discuss on our forum. It describes in details how to play current situation on hourly chart. Just visit our signature link and turn to last page in thread to read it. Also you will find a lot of interesting on ETH and Ripple analysis, made by our forumers.
BITFINEX:BTCUSDLong
by Sive-Morten
BTC keeps bearish contextMorning everybody, BTC shows lazy behavior in recent 1-2 sessions, so we keep our daily setup valid. It's bearish and target stands at 5900 Hence, any pullback that will be formed, we treat as chance to go short at better price. Now BTC stands at strong Fib resistance area and natural acc/dist. zone. Although that we take in consideration possible "222" Sell pattern here, but at the same time, we do not exclude situation when BTC will fail to break this area and start dropping. If price will drop below "C" point here and erase recent strong upside action we could get downside butterfly pattern.
BITFINEX:BTCUSDShort
by Sive-Morten
Gold could renew recent lowsLast Friday we've got DiNapoli bearish grabber weekly pattern, which suggests taking out of previous lows on weekly chart. This makes us change daily view as well. Currently difficult to forecast definitely how lows will be taken - either just washed slightly or with true breakout. Bullish context could be re-established, if market will break up recent top and erase the grabber. While grabber is valid, any long position on daily chart is accompanied by significant risks. For how better to play this situation and what daily/intraday we see - check our signature link, dedicated to Gold analysis.
OANDA:XAUUSDShort
by Sive-Morten
EUR could show deeper retracementGreetings everybody, Friday's sharp reversal was a bit irrational from technical point of view. This is the reason why we think that EUR could show deeper retracement. At the same time, we do not cancel yet our daily bullish scenario with upside action to 1.19 area, but have to switch from simple AB=CD to "222" Buy pattern due recent price action. For detailed intraday analysis, targets and patterns please visit our signature link, dedicated to EUR analysis. Also you will find fundamental research on perspective of world crisis in 2020. Believe us, its really thrilling.
Short
by Sive-Morten
Bitcoin could show deeper upside retracement if...Greetings, guys as BTC stubbornly stands right under major 3/8 resistance, it could mean preparation for the attempt of upside breakout. We see multiple patterns on intraday charts, that specify targets and could make our life easier for identification of either bullish context or its failure. On daily, if we will be right on deeper upside retracement, we will keep an eye on "222" Sell pattern, because on daily chart our context is bearish, and we still keep valid our scenario with 5900 target. For detailed information on intraday patterns, precise targets - please visit our signature link, dedicated to BTC analysis.
BITFINEX:BTCUSDLong
by Sive-Morten
We expect upside breakout on gold marketMarket yesterday has completed our short-term ultimate 1211 target and we need to increase scale of targeting. While our medium-term expectations are 1240-1250 area, in shorter term we have 0.618 AB-CD extension above recent top. While market holds 1200 lows valid and stands above re-tested trendline, we're looking up. Currently price action mostly points on upside breakout attempt and reaching 1217-1220 area, depending on amount of stop orders above "B" point
OANDA:XAUUSDLong
by Sive-Morten
1
Next BTC target is - Although the whole upside action is just a retracement after strong daily/4H plunge and potential '222" Sell is still ahead, on 1H chart we have skewed reversed H&S pattern. Once BTC has hit our OP ~6520$ target recently and erase "Sell" opportunity of "222" pattern, we suggest that next XOP target @ 6718 on the horizon. Trading process here will not be simple, at least for new long entry, because of the way how price is moving right now. Now clear patterns, no meaningful retracements. But, as BTC stands right now at daily 3/8 Fib resistance, maybe we will get something valuable today
BITFINEX:BTCUSDLong
by Sive-Morten
EUR has to stand above triangle to keep bullish contextIf you've read our EUR analysis yesterday on signature link to our website, you probably know that our bullish setup, based on two bullish grabbers that have been formed on 4H chart has worked. AS a result we have upside triangle breakout. EUR has to stay above it to keep bullish context. Drop down, back inside the triangle we treat as negative sign. Next our upside target you could find on our signature link dedicated to FX analysis.
Long
by Sive-Morten