About retracement again

١٥ نوفمبر ٢٠٢١

Greetings everybody,

So last week was relatively quiet with no impact on higher time frames. Market stands in consolidation, slightly was hit by CPI report. So the same question we have on the table now - whether it will be deeper AB=CD retracement or, market could start moving higher immediately. To answer it, we need to control two vital levels that are mutually exclusives.

First, let's start from the bearish scenario. Market has formed reversed H&S on 1H chart and almost hits its first, AB=CD target. This target creates Agreement resistance with daily 5/8 Fib levels. And overall shape looks like "222" Sell pattern. So, if you have bearish view - this is the area that you need to think about. Once you take the position - move stops to breakeven as soon as possible.

Next one is bullish scenario. Once pullback from resistance starts - we need to keep an eye on 64.8-65K area. This is neckline, and K-support area. If BTC indeed is bullish - it has to stay above it. Downside breakout means that bearish scenario wins and we get deeper daily AB=CD action. Hence - this level is for bulls to consider. If 1H H&S keeps working - next target stands around 69K top.