Sive-Morten

BTC keeps bearish context

Short
BITFINEX:BTCUSD   Bitcoin
Morning everybody,

BTC shows lazy behavior in recent 1-2 sessions, so we keep our daily setup valid. It's bearish and target stands at 5900

Hence, any pullback that will be formed, we treat as chance to go short at better price. Now BTC stands at strong Fib resistance area and natural acc/dist. zone.
Although that we take in consideration possible "222" Sell pattern here, but at the same time, we do not exclude situation when BTC will fail to break this area and start dropping.

If price will drop below "C" point here and erase recent strong upside action we could get downside butterfly pattern.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.