BTC short-term snapshot

Morning everybody,

Market stands in sideways upside channel action that we clearly see on 4H chart. Since this channel has started right after miserable plunge, it mostly has features of a retracement, a kind of flag
consolidation. Hence, sooner or later, retracement should be over. This makes us keep our daily bearish view on BTC with 5900 target.

On intraday chart we have two moments to watch for today. First is trendline support, this is crucial line here. While market stands above it - it keeps chances on upside action
For example, today "222' Buy pattern could be formed. But, breaking of this line will shift "222" to butterfly probably and lead price to 1.618 target of our AB-CD pattern here.

Recent Fed statement mostly supportive to USD, and honestly I would watch any upside action as a chance to go short with better price, rather than trade it long.

Other charts - 4H and 1H with "222" we've put on our forum, just follow our signature link.