Deadly mix

Morning guys,

Sorry for this mix of patterns on single chart, but we need all of them to explain our view on BTC. So, last week we've said that market could try to show deeper upside AB=CD retracement as it was forming 3-Drive Buy pattern.
And indeed that has happened. Although we haven't got 3-Drive, but it was more like skewed H&S pattern, but, anyway, upside bounce started. This AB-CD pattern is shown on the chart by red lines.

Once first upside action was done - situation starts to develop in different manner as deep retracement has followed. As a result we've got "222" Sell pattern (green). Appearing of bearish pattern in the middle of CD leg is not common and natural issue. This is risk factor, which significantly increases chance on downside reversal. If this indeed will happen - then we could get downside butterfly to 9K level instead of upside AB=CD.

We have two invalidation points. For large butterfly, this is recent ~11K top, for AB-CD - low of B point. These are points where you could hide your stops depending on your expectations and direction of position.
IMO, all this butterfly stuff looks a bit bearish and I'm more gravitate to downside reversal, but, I'm not dare to absolute view.

Finally, as alternative method, you could use Stop entry orders instead - Stop "Buy" slightly above 11K, Stop "Sell" slightly below 9700 lows...