Hit or miss

Sep 11, 2019

Morning everybody,

So, market finally comes to our predefined right arm's bottom - butterfly is completed, OP is done as well by minor spike down. This is crucial area for BTC market by two reasons.

First, is the failure of upside reversal here will lead to failure of the whole H&S pattern and drop below its head. Second - this will be final failure and BTC will not hold above 9K lows, which will open road to 7.5K level.
In fact, this point, where BTC stands right now is vital for 2-3 weeks of action.

Bulls could wait for 1-2 sessions and see on reaction (today it is possible daily bullish grabber as well), but potentially this is the level where we have to consider long entry. Bears should wait for opposite - failure and drop below OP lows. If this will happen and market starts tending lower to 9.5-9.6K area - it means that road to 7.5K is opening.