Weekly bearish engulfing pattern

Morning everybody,

This time it could be difficult to put everything in minor update. In two words - we intend to stick with weekly bearish engulfing pattern. It has actually three way of utility. First one is for long-term traders who wants to accumulate more coins in portfolio. Those need to wait when pattern hits the target around 38-40K , weekly Fib level and oversold where some part of portfolio could be added.

Second, for those, who in general mind free to accept bearish trading now - you could consider taking short position at some resistance as engulfing pattern in most cases consists of two swings. First one is already in place, while second is yet to start. I've tried to draw the shape of the price. This is just approximation - major points of the patterns could be different, but shape hopefully should remain.

Finally, scalp traders could consider upside bounce (BC leg of the pattern). Currently we do not have anything special yet on intraday chart, except MACD divergence, but once any patterns will be formed - it is possible to consider minor upward pullback.

That's approximately that we intend to follow next week.