Sive-Morten

Minor upside bounce today

Long
BITFINEX:BTCUSD   Bitcoin
Greetings,

It seems our bet on collapse yesterday was correct and BTC indeed has reached lower border of the triangle.

This action has completed AB=CD leg and gives us 1H "222" Buy pattern. Still, we are not exciting on it too much.

Recent collapse was fast and we treat this "222" just as background for minor pullback. Most probable is just 3/8 retracement to ~6600$ area, but not higher than 5/8 level @ 6650$

After that we expect that downside action will continue and treat today's bounce as a chance to go short. Our longer-term view stands intact and it's bearish.

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