I'll be on the lookout for potential trades to the upside at $17596, as BTC looks like it's headed towards the lows. I discuss a pattern I see time and time again on Bitcoin in the video below, and I have also included a bullish and bearish example beneath the video. Currently, the price is trading between $20,000 and $19,000, but for me to really get invested in longs again we would need to reclaim the 2017 ATH.
We may see a day trade on Bitcoin if we break local support at $1895 and trade to $17596 (Mother Bar Low), but I'm waiting for price to show me it's willing to do so and then from there I will be waiting to see if we can get a rejection of the lows.
Bullish example of pattern
Below I have illustrated how we can use this pattern to get into longs. First trade is when we raid with a Pin Bar candle at the Mother Bar Lows, as you can see we are pushed right into resistance or FTA (First Trouble Area), we then get a retest of Mother Bar Lows for a second trade, and finally on the third touch of the lows, we rocket up and take out the Mother Bar Highs for a monster trade.
Bearish Example of pattern
With the bearish example, the entry is rather different, we get a deviation from the Mother Bar High with a close outside followed by a retest, then we break back in and retest the underside.
To summarize, this is only a market observation, and I use it with the confluence of other market factors, I would encourage you to conduct your own research on this pattern.