10K area stands in focus this week

Greetings everybody,

So, market was so dead last week that we've made the only update on Monday. Still, coming Fed meeting is promised to be more interesting and provide some activity this time.

Everything that we've said last week is still valid. We still keep our short-term bearish view and still think that BTC should show deeper retracement before finally will reverse up and follow to our long-term bullish scenario.
Now we have mostly tactical questions on how deep it could drop and from what point it could start dropping.

Last week we said that upside scenario could vary, starting from 10.68 and right till 11.10K area. So, 10.60 was reached last week and maybe somebody of you already have taken short positions. This week we intend to keep an eye on 10K area. Close look at 1H chart shows that long lasting action has the shape of bottom and extended choppy H&S pattern. Thus, 10K is the level where potentially the right arm could be formed or failed. Thus, if price holds above 10K - more probable is upside extension to 10.80$ resistance or even higher, i.e. completion of H&S target. Conversely breaking of 10K suggests failure of the bullish shape and direct action down to previously specified 8.8-9.1K area.

Possible higher upside action here, on 1H chart doesn't change our view on daily and we still expect downside continuation. Here we treat the action only as retracement, which means that daily downside action could be re-established from different, higher level. That's all.