Watching for 59-60K area

Aug 1

Morning folks,

So, retracement that we've discussed on Mon is started, although we thought it will be from 71K area. But M. East escalation has triggered sell-off in risky assets, and even J. Powell comments was not able to support the market.

Now, although our 3-Drive pattern still seems theoretical possible, chances stand in favor our 2nd pattern - H&S. So, if you trade on daily and above time frames, I wouldn't hurry up with entry right now. It seems BTC could drop more. At least we could consider next support of 59-60K area. Just keep an eye on H&S...

If you're intraday trader - you could consider bullish setups around potential neckline with two upside targets - 66K and 65.7K . They are resistance on 1H chart:



Later, it is possible to consider short position as well, with the H&S pattern. It's obvious.