19.5-20K is a moment of truth

6 Şub 2023

Morning everybody,

We have hoped that BTC completes 25K butterfly on daily chart, but it seems that situation turns different. Still, this is not vital, but technically it would be perfect, if this would happen. Anyway, as we expect that downside action continues on other assets, as we do on BTC. In nearest term we expect minor upside bounce (as on EUR, Gold as well), but then downside action should continue by our view.

On daily chart (not shown here) we have DiNapoli DRPO "Sell" pattern. Here, on 2H chart, performance takes the shape of round top with multiple upside AB-CD's. So, hopefully this sequence continues, and once pullback will be done, we get another downside extension.

All in all, we're mostly watching for 19.5-20K downside target, because this is potential bottom of the reverse H&S right arm on weekly chart. This is the level where the major perspective will be determined...
Now it is just tactical fluctuations...

Oh, yes - now we do not consider any bullish positions. Daily trend is bearish...