Pattern reshaping

Morning guys,

Today we need to adjust our major pattern on 4H chart - reverse H&S, based on recent price action. Price action is the key to sentiment now. On daily chart we see hammer pattern has been formed,
which means that buyers have stepped-in when market has dropped a bit. I we would get the drop and price would stand there start coiling around 9K area - this would be quite different tune. This fast return makes us think
that BTC still keeps chances on upward action to our upside target.

This, in turn, means that our H&S on 4H chart is still valid - we just have to re-shape it a bit, and appoint as a bottom of right arm recent low. Indeed, if you carefully take a look at this H&S pattern, you'll see that both shoulders consist of two lows - major one and additional higher lows. And this structure was formed at both arms. Amazing. Thus, H&S keeps harmony very accurately and this gives us reason to suggest that pattern is still valid.

On 1H chart our minor H&S has failed indeed, as we've suggested and price has dropped significantly below the head. Now on 1H chart we have big 222 Buy pattern - which is a right shoulder of 4H pattern.