Reaction on 5840 area has started. Deeper retracement under way.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Morning guys,

So, it seems that we were correct on our call to be careful around 5840$ area. In fact, this could be 3-Drive "sell" pattern.

On intraday charts it looks more bright . In two words speaking - bulls' failure to push price through recent tops means that they are trapped in wrong direction with stops below recent lows,
where majority of traders have taken long positions. On 4H chart we have Double Repo "Sell" pattern which suggests deeper retracement. Once stops will be triggered, BTC could drop more, to 5/8 Fib support or even lower.

We do no exclude to see 5200$ area. Ultimately, 3-Drive idea on daily chart suggests drop below lows between 2nd and 3rd drives.

So, those who want to go long - dont' be hasty with this, and wait for ending of retracement and appearing of bullish patterns, such as "222" Buy.

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