19.2-19.6 is next beacon for the bears

12 janv. 2023Morning guys,

Last time we've postponed bearish position taking as market strongly has passed through 1704-17080 resistance area and we've agree to watch for next upside target around 17.6K. Additionally we've said, that with stronger upside performance we could have to increase the scale and take a look at larger AB-CD pattern on daily chart. Now the time has come. As FTX was able to recover 5 Bln in cash, market lifts in spirits. Now we think that bears should keep hands in pockets and bulls get chances to see BTC around 19.2-19.6 K level. This level is rather strong. Additionally we get "222" Sell pattern here. Long term bearish context is still valid.

If you intend to take long position - you could consider 17.6 and 17.8K intraday support levels (not showing here), but be aware of today's CPI report. Besides, you have to control upside breakout of 18.4 local top (B point) here.
Downside reversal and erasing of recent rally should keep you aside from taking the long position.

Downside reversal is not cancelled, it just postpones, giving market to show larger scale pullback.