Sive-Morten

3-Drive upside pattern is possible

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

yesterday we've talked about "222" Buy on 4H chart, as BTC stands at 5/8 Fib resistance and formed "222" Sell pattern.

Now there are new moments exist here that mostly have relation to the price behavior around resistance. Take a look at now significant action has started, market is coiling around
and price action mostly reminds a sideways action. Yes, minor 3-Drive "Sell" has been formed, but it is already completed.

Sideways action around major resistance hints on some hidden strength. Now major breakout at any side has happened yet, but now we have to take in consideration possible upside action as well.

As a result we could get 4H 3-Drive "sell" pattern with potential target around 5600 instead of "222" Buy.

At the same time, as no direction has been chosen yet, it would be better to wait a bit and see. Upside continuation and breakout of 3-Drive top here will tell that BTC moves higher, while downside breakout
turns us back to idea of 4H "222" Buy pattern. Alternitavely, it is possible to use stop entry orders on breakout of extreme points...
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