23.70K support should be strong enough

16 thg 3, 2023
Morning folks,

Running into "alternative" assets is continuing. Personally, I have big doubts on bullish perspectives of BTC, just because Fed has started this ciris not to make BTC holders happy. My suggestion that very soon party will be over and we hear screams "let me out". But, not now probably.

Market starts new big journey with weekly/daily H&S pattern with potential target around 29.35K area. Now it is challenging the neckline, but is at overbought and needs some time to abandon it. If market is really bullish, 23.70K support on 1H chart should be strong enough to hold market. Too deep pullback, especially back to 20-21K area of right shoulder's bottom could be the sign of coming failure. So, if you intend to buy - do not place too far stops. Either to wait for deeper retracement, if you suggest it happens, or place stops just under the strong support area where you intend to buy.