Today, guys, I do not want to consider extended perspective, although W&R pattern that we've discussed last time is positive and I still hope that BTC will try to reach 40K - the upper border of consolidation, I still would like to consider today shorter-term perspective.
IT seems that we have some signs of thrust on intraday chart and it is very probable that market tends to form "222" Sell pattern. Based on it, we suggest reaching of ~35.8-36K target that is also 5/8 Fib level. Once this level will be reached, we expect at least 30% pullback to ~35K area. This is minimum "222" pattern target.
Thus, scalp traders could think about short-term bearish position, if on 15 min chart there will be some bearish pattern around 36K. While bulls should keep an eye on 35K area retracement, when "222" hits the target.
I'm not sure I understand "we expect at least 30% pullback to ~35K area", as from 28800-36450, 30% pullback will get us to ~34K area, and 38.2% pullback will get us to 33.5K area. Either way, it seems to me a pullback to 35K is too shallow and it almost can't count as one.
Or am I completely missing your point in this analysis?
Thanks a lot in advance!
Sive-Morten
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@WhiteBassFisher,
No, you're absolutely correct. But when I was righting this forecast, I didn't know where the final point of upside swing will be. That's why I've written this approximately.
As we have "222" Sell - its minimum target usually 3/8 pullback, that now stands under way.
I'm not sure I understand "we expect at least 30% pullback to ~35K area", as from 28800-36450, 30% pullback will get us to ~34K area, and 38.2% pullback will get us to 33.5K area. Either way, it seems to me a pullback to 35K is too shallow and it almost can't count as one.
Or am I completely missing your point in this analysis?
Thanks a lot in advance!