Direct upward continuation
Morning folks,
So, H&S pattern has played nice, despite that we saw some speculative tricks during Fed statement... Now we should pay attention to daily chart that is forming bullish context. We're tending to suggestion that BTC should show direct upward continuation without any deeper retracement. Once first downside bounce happened, we had few potential scenarios - triangle, some DiNapoli patterns and downside AB=CD. Now, based on performance that we see on intraday charts, it seems that triangle scenario is most probable.
As triangle is continuation pattern and is forming right under previous top - it means that market is building an energy to challenge it. So, as a conclusion, we do not consider any bearish position right now. For long entry, it is possible to catch intraday bullish patterns, such as recent H&S or "2222" Buy, whatever will be formed.
Also pay attention to recent top inside the triangle. If price jumps above it - most probable that upward continuation is started. More details in the video on FPA site.
Take care, S.
So, H&S pattern has played nice, despite that we saw some speculative tricks during Fed statement... Now we should pay attention to daily chart that is forming bullish context. We're tending to suggestion that BTC should show direct upward continuation without any deeper retracement. Once first downside bounce happened, we had few potential scenarios - triangle, some DiNapoli patterns and downside AB=CD. Now, based on performance that we see on intraday charts, it seems that triangle scenario is most probable.
As triangle is continuation pattern and is forming right under previous top - it means that market is building an energy to challenge it. So, as a conclusion, we do not consider any bearish position right now. For long entry, it is possible to catch intraday bullish patterns, such as recent H&S or "2222" Buy, whatever will be formed.
Also pay attention to recent top inside the triangle. If price jumps above it - most probable that upward continuation is started. More details in the video on FPA site.
Take care, S.
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.