Detail of our major bearish patternMorning folks,
This update is better to watch with the previous one, so you better understand what we're talking about...
So, BTC has slipped a bit lower. This is not yet the action that we've discussed in our previous scenario. With this downside action now the H&S pattern on 4H chart starts looking even better.
Today we consider upside background that is a part of our bigger bearish H&S on 4H chart. Since market is coiling around the neckline, chances stand high that the right shoulder of 44.25$ area could start forming.
On 1H chart now we see completed downside butterfly. Price is forming "222" Buy as well, divergence has appeared as well. So, if our suggestion is correct, BTC could start forming the right arm of bigger pattern and start moving out from the neckline.
Scalp traders could consider long position based on all this stuff. At least it cares very small potential risk, so, this is something to think about. We're mostly focused on big pattern.
Potentially, we could get reverse H&S here, so, we should get another chance for scalp long position later. So, let's keep watching.
