It's all about right arm's lows

Howdy folks, hope you're OK,

Let's keep up with our H&S pattern on 4H chart. Market finally has appointed the bottom of right arm and technically setup becomes simple. Now it is difficult to say whether upside AB=CD retracement will happen or not.

Personally, I'm tending to bearish view as we expect dollar supportive as GDP data today as Fed statement next week. Theoretically this should trigger downside continuation of our major daily retracement.
Still, if you have bullish view and want to buy, you could act against recent lows. This is perfect invalidation point that lets you to place tight stop.

Bears should wait either H&S completion by upside AB=CD action, or, downside breakout of recent lows, which be first signal of H&S failure and drop below the head.

Now few words on our long-term view. Our recent analysis of market sentiment (you could read it if you want on our website) tells that BTC should turn to bullish trend in IIIQ of 2019 and breakout point will be ICE Bakkt contract.
This is not because of Bakkt itself but because of breakout in BTC regulation as Bakkt will become a culmination moment of agreement between investors, regulated exchange trading and regulation authorities (CFTC and NFA). This is a green line for institutional investors and will be turning point for whole cryptocurrency market.

IT means that our major retracement on weekly chart should finish within 2-3 months with reaching 6500-7500 area. We treat this area as suitable for long-term investing.

But now, let's see what we will get on GDP today and Fed next week.