63K and 68.75K to watch

9月30日

Greetings everybody,

Just on Thu we've decided to be cautious about any bearish positions as market was behaving not typical, BTC has made drastic changes on Friday. A lot of bullish signs now.

It means that currently we have bullish context. Our nearest target is 68.75K. Meantime, market has hit local 4H H&S target and now shows the response. Here 63K looks interesting for long position taking - trend line support and 3/8 Fib level.

Besides, if later this construction will shift to H&S - we should get upside bounce in a way of right arm, so chances to move stops to breakeven look as good.

Another pattern that might be formed - upside 1.618 3-Drive and BTC could start upside action earlier than 63K. If you want to foresee this either, one of the options is to split position in parts and take small part first, say, 30% of normal trading lot. Take the rest if BTC hits 63K support.