Watching for bearish patterns

Morning folks,

As BTC stands relatively free until major events on next week, it shows tactical upside pullback where we've set two targets. First one around 23K is completed already and next one is around 25.5K. Although we think that chances that BTC will reach it are low.

This week it is vitally important where market will close, because it makes direct impact on weekly chart and we could get two bearish patterns. (Watch today's BTC video on FPA site). Here the logic is simple. If you have long-position - you could keep it, just do not forget to manage stops higher. Next target is double XOP around previous lows of 25.5. There we also have daily 5/8 resistance area and daily overbought.

Bears could watch for reversal patterns as upside bounce could stop at any moment. Once it will happen - you could try to go short. For example, now you could watch for 1H H&S pattern: