We need to check 59-59.5K area

13 May

Morning folks,

So, everything is going with the plan by far. Market has reached ~60K area where potential right arm of our 4H reverse H&S pattern should stay. But here is a minor tricky thing. Overall performance doesn't look bullish by far.

On 1H chart it even looks bearish. We have downside acceleration and uncompleted XOP target that makes an Agreement with 59.5K Fib support level. Let's treat it as the support of last resort for the short-term trading setup.

So, keep it short, there are to options. If you scare to miss the trade, you could try to take long position right now but at the same time place stop below 59K or even better below 58.3K area.

Conversely, conservative approach tells that it makes sense to wait when&if BTC hits 59K support area and then see what will happen. Personally I like the 2nd way more. Besides, we could totally escape possible collapse if it will happen and BTC will just break 59K support area down...