Sive-Morten

BTC uspide retracement scenario

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hey everybody,

Here we introduce possible scenario of upside pullback on BTC . This is not the call to buy it, this is just a suggestion the shape of retracement. Depending on your view, you could treat this either as
setup for scalp buy trade or rally to sell into.

In general we have long-term bearish view, we've talked about it many times in our previous reports. Today we also have prepared special report on BTC that explains background of going things and they are not tehcnicals of course -
hard fork of BTC cash, postponing ICE futures introduction, breakeven level of ETH mining - just to name some.

Anyway, if retracement up will happen - that's the scenario to watch. Now BTC shows AB-CD retracement up and AB=CD target already has been hit. NExt destination point is XOP - 1.618 extension around 4360$ area.
Then we need to keep an eye on pullback, as reverse H&S could be formed. The right arm lows will be interesting for those who intends to go long.
If you have bearish view - just wait when H&S action will be over on larger time frame.

In general market keeps our "creeping with oversold" price action.
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