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obviously BTC took an even deeper retracement slightly unter 0.618 and a 2.27 retracement of the last green waveleg we had before the drop. daylie closings above slightly above the trendline. hopefully the bounce off that level is strong enough to establish an eliot wave 3 to build a reverse h&s and or at least stabilize above 6200$. (min die daylie MAs)

0.618 retracement of the "58xx to 68xx" would give the C leg of a ABC correction and would still give a shoulder pattern, if we dont go right of this support @ the 0.5 retracement.

6h chart and EMAs of interrest right now. 0.5 & 1.618 correction could line up with daylie 20 MA as support.

BTC established 1 more green leg up, negating basically all triangle patterns between 6680-6420, playing out the little bullflag and negating a little head and shoulders that made us expect a sooner downleg. i adjusted the reversed head and shoulders (sitting on the blue bearflag centerline) and stacked my buy orders along the fibonacci retracements to the downside for a little correction to the downside (that could build the remaining reversed shoulder, that i expect not to be that deep) with the stoploss roughly under the 20MA daylie.

just to let you know, we are sliding on an enormous channel (not in), thats why the price is stuck. the horizontal support and the downtrend + 20MA line (daylie) also comes into account but the channel and the blue trendlines speak for themselfes. (2 screenshots below, 1 zoomed). this gives our reverse head and shoulders pattern an enormous support!


BTC still above 20 MA daylie. very good potential for a reversed head and shoulders. bears should have a hard time shorting.