3500$ is a key

11 Şub 2019

Morning everybody,

Finally BTC shows some activity, although I've checked media and could estimate the reason for this splash. Market is so thin right now so, any pool with more or less real amount of BTC could push market in one or other direction.

Thus, if you know the reasone, please share in comments.

Technically nothing outstanding has happened. This upside action is not enough yet to change bearish picture on weekly/daily time frames. Thus we still keep our previous long-term view the same.

still, in shorter-term perspective, as upside impulse was good, we will keep an eye on continuation. Our suggestion is 3500 level will be the key as it works like a border between bullish and bearish scenarios.

Since BTC has shown upside revesal swing but previously stand in long-term bearish action - bearish momentum is strong enough and we expect deep retracement first, right to 3500.

If BTC will able to hold there, we get reverse H&S and upside AB=CD while breaking of 3500 down means that bearish tendency is re-established and we're on the way to our XOP target at 3000$.

Thus, you're bearish - wait either downside breakout of 3500 or completion of upside AB-CD, while for bulls - keep an eye on action around 3500 and possible bullish reversal pattern on lower time frames, with AB-CD target around major 5/8 Fib resistance