Sive-Morten

Dual way of major retracement

COINBASE:BTCUSD   Bitcoin
Morning folks,

We conitnue our journey with major retracement on BTC market. The price shape points that usually retracement takes two most common directions. First scenario we already have considered, and
it suggests AB=CD downside action first to ~9K area then pullback and second CD leg to 7K area. Thus, it will be big AB=CD, based on weekly shooting star pattern.

Second way starts equal, but later turns to triangle and leads to appearing of upside butterfly, which later becomes a part of huge H&S pattern. On weekly chart all-time 0.618 AB-CD extension stands around 15.3K, and
if we consider butterfly on daily, it has 1.27 extension precisely around 15K area.

Downside reversal that we've suggested two days ago is started. And now we have important task - identify the way of retracement. Here we need to keep an eye on 10-10.2K area. If market suddenly stops there and turns up again,
starting to form triangle - it means that we're on the second way and be prepare to 15K rally.

Normal downside continuation, drop below 10K and folloing our 3-Drive "Buy" pattern on 1H chart confirms 1st way of retracement.

So, don't relax and keep an eye on 10-10.2K area ;)
Plan your trades accordingly depending on type of the retracement that we will get.

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