Watching for 57-57.5K level

16 Sep

Morning folks,

So, upside target of last week around 60.5K is done, H&S worked very nice. Now, I suppose, it makes sense to wait a bit and see what will happen around 57-57.5K support area.

Reason is simple. Technically BTC keeps door open for both scenarios. Supposedly the Fed statement should be dovish and supportive to BTC, but only if they either change rate for 50 points (that I have big doubts about) or will tell something very dovish on conference.

Right now we do not have any clear signals. So, our choice is to wait when market hits support area, then watch on 15-30 min charts for any bullish reversal patterns. If we get any - it will be possible to use them for long entry. If not, or if the level will be broken - it would be better to forget about long entry for some time.