Let’s check the bullishness

Let’s check the bullishness

Morning guys,

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 bullish 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 Support level which agrees with AB=CD 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

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