Some practical issues

Morning folks,

This post should be considered as practical add-on to our major upside scenario. Now we consider reverse H&S pattern on 4H chart. Market has reshaped it a bit, so we haven't got desirable retracement yet (i.e. right arm is not formed yet).

But, it could be soon. On 1H chart you could see potential downside H&S. BUt the problem is - the 4H arm should be (or could be) around 41.5K, while the target of 1H pattern suggests lower levels.

At the same time, you could see that on 41.5K we have very strong support area - this is downside XOP (1.618 AB-CD target) and K-support area.

That's why we consider this area as suitable for long entry. If even later market will form 1H HS& and keep going lower - at first touch we should get the bounce with high degree of probability. Because right arm here has to be formed as well. This makes attempt to go long here relatively safe and with ability to place very tight stop.

Everything will be even better if BTC starts upward action right from here...