Patience

Morning folks,

So, our 1st daily H&S target is completed perfectly, in a way of downside AB-CD, with CD leg shape in a way of butterfly pattern. The question is - should be we buy already?

I would say - no. First is, because daily H&S also has 1.618 ultimate target around 24K that agrees with major daily support area of 23.8-25K. But not this moment is a major reason.

Take a look at overall performance - what bullish you could see in current action? Nothing. We do not have any signs of thrust, we do not have any clear bullish reversal patterns. Overall news and fundamental background hardly could be called as "friendly" for BTC rally.

That's why we suggest to wait a bit and see what will happen. This is just for example, as one of the possible scenarios - if we get this H&S, then we could consider long entry around 27K. If nothing bullish will be formed - we need to prepare for another downside leg. And, to be honest, this is our preferable scenario for now.