Waiting for the deep to buy

Jul 22

Morning folks,

So, reaction on Biden's out is humble. Not only on BTC but across the board. Today it is a small update as nothing has changed significantly. Finally BTC has broken 66K resistance and now, officially, bearish weekly pattern is cancelled.

At the same time, despite minor pullback, we haven't got clear H&S shape that we've counted on. Still, I prefer to wait for deep to buy rather than jump in running train. Previous bearish momentum is still here.

Following this logic we could monitor intraday bearish patterns. Not for trading but to recognize starting point of retracement and estimate possible downside target. For now we could get either 3-Drive "Sell" or H&S, if BTC starts dropping right now.

Other words speaking - context is bullish, we consider long entry, but watching for proper levels. Of course you could follow your own alternative strategy. Upside nearest target is the same - ATH.