47.10-47.60 for potential long entry

Dec 23, 2021

Morning everybody,

So, last time we said that market shows no bullish performance that could be sufficient to consider the long entry. Finally, we've got something. Maybe this is the result of thin market, but anyway, this is at least something that have bullish sentiment.

On 1H chart first is - price has formed upside bullish reversal swing. This action makes possible appearing of reverse H&S pattern. The right arm theoretically should be formed around 47.10-47.60 area - around major 5/8 Fib support. Invalidation point is, as usual - below the head.

If H&S fails, and BTC can't start upward action - we should again recall the downside XOP target @ 42K.