So, harmonic drop down and reaching of first K-support area on 4H chart has happened. Now BTC stands at important moment - it has to proceed higher or retracement becomes stronger. Here is our trading plan.
Now, as market stands at strong support area and Agreement (1H XOP target stands here as well) - it is relatively safe to buy against recent lows. Potential loss is small. We suggest that market should show at least AB=CD action to 10.10-10.20 area.
Then we need to take carefully. As you can see on the chart, we could get H&S pattern and market should reverse down precisely around 10.20$. That's will be the thing to keep an eye on. Downside reversal there suggests drop to the next K-support area around 9050$, while breakout through 10.2 suggests upside continuation to 11$.
So you could buy against the lows, when market moves to 10.1-10.2 - adjust stops to breakout and/or book some profit. Then just watch the movie...
P.S. Bears could consider short entry at the 10.2 top of the shoulder.
Thank you for sharing analysis..
But price dump to 9.5k again,dump to next support 9070 or pump to 10k?
Thank you