The lovely H&S again
Morning folks,
As we've suggested last time, in general BTC keeps bullish context but it would be better to buy as close to local lows as possible. It seems that H&S pattern becomes the favorite one for the BTC market. Now - once again, if you intend to go long, this is the time for decision making, as price is coiling around the right arm's bottom. The stop is better to place at least under 55K area, as market still could form a kind of butterfly here, with slightly deeper action. But it is not definitely, and only to choose the stop area. Position taking time has already come.
In a case of H&S failure we suggest downside action somewhere to 51K - market will fluctuate inside wide weekly support area of 51-54K. It is vital for long term performance. So, if you have bearish view - then your choice is to watch for H&S failure signs, such as price dropping below 55K and moving to the head's bottom.
As we've suggested last time, in general BTC keeps bullish context but it would be better to buy as close to local lows as possible. It seems that H&S pattern becomes the favorite one for the BTC market. Now - once again, if you intend to go long, this is the time for decision making, as price is coiling around the right arm's bottom. The stop is better to place at least under 55K area, as market still could form a kind of butterfly here, with slightly deeper action. But it is not definitely, and only to choose the stop area. Position taking time has already come.
In a case of H&S failure we suggest downside action somewhere to 51K - market will fluctuate inside wide weekly support area of 51-54K. It is vital for long term performance. So, if you have bearish view - then your choice is to watch for H&S failure signs, such as price dropping below 55K and moving to the head's bottom.
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/
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