Additional scenario of retracement appears

1 nov. 2021

Hey everybody,

BTC still stands with suggested retracement out from 67K month target. We still have two major destination points for it - 56.25K and 51.65K, although we hope that it wouldn't go so far... Today we would like to share with some add-on to the retracement's shape that might be interesting.

Currently it is impossible to say, whether this scenario works as reversal and triggers direct upward continuation to next long-term target, or it just pushes price to 65K target before 2nd downside leg starts. If this setup fails, then it could reshape into downside butterfly and complete 56.25K target. So, for conservative traders, it is not necessary to follow it.

At the same time it has some adv., and the major one is ability to place very tight stop. We're talking about H&S pattern that is formed around daily support line. Market stands at the point of right arm's bottom, where upward action should start. Whether to follow it or not - is up to you.

Thus, for a conservative approach - look for more clarity. Otherwise, you could try this one, if it fits to your view and trading style.

1 nov. 2021

Note

Once a minor bounce happens, if you have the position - think about moving stops to breakeven for some case...