Intraday bearish setup is ready

1 Jul

Morning everybody,

So, upside AB-CD bounce is done accurately. Now, as we said - those who would like to sell and try to make a bet on daily H&S failure has got nice setup. It calls as DiNapoli B&B "Sell" pattern.

Upside AB-CD target is completed accurately at K-resistance area. Also you could recognize here minor upside butterfly, that also is done. Minimum downside target will be around 60-60.4K, which is 3K/coin which seems not bad for intraday setup.

Besides, if bears will be right and H&S indeed will fail - trade has great potential down to 50K.

Bulls who are still thinking about long entry should wait when B&B will be over. Supposedly it is possible to watch the same 60-60.4K area but avoid entry if we get strong downside impulse. For the bulls invalidation point is the same - bottom of the right arm on daily chart.