BTC/USDT : Where to take SHORT now ? Full chart explanation

BTCUSDT BTCUSD
Hello everyone 😃
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📑 As we mentioned in our last analysis, #BTC has engulfed our bullish invalidation and now it's the time to see some retracement and fill some more our holdings in the local deeps !
Currently #BTC has reached the local S/R zone, Which is acting as local buy zone for bulls; So it's not out of sight to mount the higher levels before any major leg down.
But where are we heading to first ? We'll discuss about this topic in our article, So follow me till the last words folks 😉👇🏼

📚 Possible Head & Shoulder formation in 4H's time-frame :
As we talkin, #BTC just pulled back from the mentioned support zone and it's going to climb more because of the current bullish convergence on RSI.
The higher resistance levels are formed in the local bearish base above, Which will be easily broken by the massive buy wave after the convergence confirmation !
But the most important level for us is the beginning master candle located in the higher S/R zone which has made by a supply zone 1st.
We may face the reversal in LTF from the higher S/R zone and head back to the current local S/R zone, In that case we'll see the bearish H&S formation and after breakdown confirmation below the local S/R zone we'll sharply drop to $49500 level as the target of H&S is 7K unit drop !
- Otherwise, Any close above the higher S/R zone will give us this chance to wait for a new local high to sell some of our holding there.
📌 Also there are some supports above 49K, We can set our targets on mentioned support line and above the 4H's demand zone.
📍 Now we'll head to multi time-frame charts for further information in our setups 👇🏼

📚 Possible retest on daily mid October's high, Same level as S/R line :
Just zoomed out into daily time-frame to have bigger picture of our analyze, There're two important levels to mention;
- $66387.40 as Bearish invalidation on weekly Time-Frame, Formed as beginning bearish master candle.
- $56561.00 as Neutral-Bullish invalidation on weekly Time-Frame, Formed as master candle's High and a local S/R line for now.
Both level have the impact on HTF overview, So we'll look for this levels to develop the market structure in higher time-frame !
But this is not the end, I'm looking for October's mid candle's high which is acting as higher S/R line and it just being confirmed by our mentioned higher S/R zone.
If the pair manage to reject the level, Then we'll follow our scenario's lead !

📚 Confirmation for the pullback in LTF chart, Looking for MSB and FVG to get filled before major leg down :
Also we can improve our plan on LTF charts, Like 1H's time-frame into the PO3 playing out !
If we get back into the range low, Then we'll have the confirmation for our PO3's development and get filled on FVG's level.

- After filling out the range high's gap; We'll head to the major leg-down that I'm expected to happen from the lower or at $63K's levels...

🔴 1st invalidation level for us is the mentioned higher S/R zone and our Bearish invalidation in MID-TERM is the bearish beginning master candle's high !
Any engulf above will guarantee the 71K's level to get conquered.


📑 Conclusion :
#BTC is pulling back from the local S/R zone, We get the levels below $60000 so we entered the bullish invalidation scenario !
Now we'll looking for possible retest levels to take SHORT, However any hold above $63600 will invalidate the setup.
- We may Have the breakdown here, So try to manage your funds for well !

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Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
@Helical_Trades