Sive-Morten

5500 keeps both ways open

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

Until market stands below 5500 top, it keeps door open for both ways. Yes, recent rally looks impressive, and this was the first positivea action for long, long term.

But, what technical picture tells us? On weekly/daily we still have bearish tendency and rally was an AB=CD retracement to major 5/8 Fib resistance, which actually gives us '222" Sell pattern.

On intraday charts, after drop from the top, the whole upside action still stands inside the bearish swing and keeps chances on other bearish patterns as well. Upside action shows exhausting, which makes us suggest
appearing of "222"Sell around 5416 area. This is 1.618 AB=CD target which agrees with deep 88% Fib resistance.

Yes we have alternative scenario of 3-DRive pattern, but market is losing the pace. With this speed 3-Drive will be completed somewhere in June, this is too long for this pattern. And these thoughts lead us to conclusion.

First is, if you're bearish , it will be the chance to sell with '222" Sell around 5416 area. Use breakeven stop as soon as possible. But this is just tactical conclusion.

What is really interesting - it seems that BTC market should get some external push in nearest time. 3-Drive could be completed, only if BTC shows fast acceleration. But now it could happen only by some external driving factor. Technically recent upside action looks weak and slow. Otherwise we should be ready for collapse...
@Sive-Morten Buddy cool idea. Thank you very much, make more graphs, cool to do analytics
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