64-64.5K area

Jun 13

Morning folks,

Recent Fed meeting results have made impact on short-term BTC performance as well. Although our major bullish context based on daily reverse H&S pattern remains valid, BTC could try to move slightly lower. So, the right shoulder on daily chart will be more harmonic to the left one. In general, until BTC stands above 61K - H&S pattern will remain valid.

Meantime, on 4H chart we've got bearish engulfing pattern that has a target around 64-64.5K area. We will se how it works and then return back to idea of long entry with major daily bullish pattern. Today I market setup as "bearish" because it relates to intraday action.

Jun 17

Trade active

Guys, we do not see any reasons to change our plan by far. Market is forming reverse H&S. Harmonically it could reach 62.75-64.25K area to form the right arm bottom.

Currently we do not take any positions against this pattern and prefer to wait.
If H&S fails, we could get much deeper action, at least to 50K area. So, in some sense 63K is a vital for the bulls now. So, first of all, we will be watching for bullish reversal pattern there. And only second - possible downside breakout.

Jun 20

Trade active

So, BTC briefly touched the upper border of predefined 62.50-64.2K range where we should make a decision on long entry.
tradingview.com/chart/xTTpvHdr/
If you prefer to catch the reversal spot - then you could wait more and watch for daily XOP target at 62.7K. Because for now, I do not see yet any clear bullish reversal activity intraday.

If you prefer gradual entry, then currently is the one where you could take some part of bullish position probably. Because 4H chart XOP has been reached and this is the upper border of our "entry" range:
tradingview.com/chart/SCzMaRxO/