Sive-Morten

Patterns suggest 4900$ area

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

BTC starts natural reaction on 4H 3-Drive sell pattern that we've discussed in our previous reports. As we mentioned already, depsite nice rally in April, it is long way to go, as market was falling too long and too deep.

Thus, to break major downside tendency, BTC has to climb at least above 6500, but better above 8500$. Thus, any fluctuations below 6500$ will keep "222" Sell pattern valid. But this is too long-term discussion.

In shorter-term, we've got two side by side bearish grabbers on top. As they coincide with 4H 3-Drive - all three patterns have the same target - 4900$ lows.

Thus, if you have bullish view, then it would be better to wait either for upside breakout and erasing of all patterns, or, reaching of th target.

Bears could keep positions that were opened with 4H 3-Drive "sell", I suppose, just do not forget to manage stops...

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