6900$ is to consider

5 de dez. de 2019

Morning guys,

Situation stands a bit tricky. Despite our 3-Drive "Buy" setup has worked perfect - following reaction with fast drop mixes the context and doesn't provide clear answer what we should do and in what direction trade.

We have as bullish as bearish patterns in place. Bullish is the DiNapoli grabber that suggests upside action above recent top. It seems hardly possible but take a look at price action in circle - there was the same "Evening star" and grabber after it, which pushed price higher.

Bearish sign - is Evening star itself, which suggests downside drop.

In current situation I would consider large downside AB=CD pattern to 6860-6900 area and possible butterfly "Buy" that could be formed here. If BTC will hold above major 5/8 Fib support and formed both patterns - this will be sufficient context to make attempt to buy.
Conversely, bears should wait for downside breakout of all this stuff. In this case we could get large daily downside butterfly...