Morning guys,
As we've said last week - breakout of 10K area opened new trading range for the market where it stands now.
Today we put weekly chart, because it forms the background for 1-2 months of trading. Last week was bullish grabber (by DiNapoli terms), which means that BTC should take out previous top.
As we have all time COP target around 15.3K - this is most probable nearest destination point on weekly chart.
In shorter-term perspective we have our upside AB=CD pattern. Our OP at 11.3 is reached, the next short-term target is XOP @12400$.
As BTC stands at 5/8 resistance, chances on pullback, somewhere to 11-11.3K exist. If we will get, say, "222' Buy" we could take the long position. Any short position right now meets hihgher risk until price stands above 9100$ lows.
Take care.
S.
As we've said last week - breakout of 10K area opened new trading range for the market where it stands now.
Today we put weekly chart, because it forms the background for 1-2 months of trading. Last week was bullish grabber (by DiNapoli terms), which means that BTC should take out previous top.
As we have all time COP target around 15.3K - this is most probable nearest destination point on weekly chart.
In shorter-term perspective we have our upside AB=CD pattern. Our OP at 11.3 is reached, the next short-term target is XOP @12400$.
As BTC stands at 5/8 resistance, chances on pullback, somewhere to 11-11.3K exist. If we will get, say, "222' Buy" we could take the long position. Any short position right now meets hihgher risk until price stands above 9100$ lows.
Take care.
S.
ForexPeaceArmy BTC analytics :
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/