Sorry for silence, but actually it was nothing to comment here. The triangle that we’ve discussed last time indeed was broken up, but this breakout appeared to be very short-term.
We need to check the ambitions of the market. Shortly speaking long-term perspective stands in direct relation to Mr. Xi rally. If BTC will able to keep it – it will continue upside action to 15K and above. If not and Xi’s rally will be erased – first target is our daily XOP around 6.4K.
Thus, in short-term perspective our task is watch for retracement. Now we have different AB-CD patterns here, one of them I draw on the chart. Market is forming “222” Buy pattern. Our checkpoint is ~8.5K 5/8 which agrees with target. This is potential level for long entry as well. 30% bounce should happen at least.
If BTC will keep falling under 5/8 Fib level, coming back to the bottom and erasing of Mr. Xi rally – this will be bad sign.
For those who want to know how all this stuff involved in long-term view – you could watch the video on our website.
Published at Fri, 08 Nov 2019 08:31:16 +0000