Keep up with retracement. Part II

Morning guys,

So, retracement that we've discussed last week, down from our daily XOP target is started. Now we turn to second problem - how to estimate its bottom.
Just to remind you - we have medium-term bullish view on BTC and suggest that it should reach 15.3K area. Thus, this retracement is our way to get on board. Trade it down is not forbidden, of course,
but this stands a bit beyond of our talk.

So, retracement is not very nice as it rather choppy and provides no clear patterns. It makes difficult to estimate its target. But, still we have two things that could help us. Major one is harmony.
If you take careful look at daily chart, you could recognize potential reverse H&S pattern on top (I've tried to put it here). It is curious for classic technical analysis, but for modern market it is common thing, which you could see very often.

Following the harmony of this pattern, its right arm should be somewhere around 10.3K, which agrees with 5/8 FIb support and AB-CD 1.618 extension as it is shown on the chart - this is second issue that we have.

The process of position taking could be different - split position and buy in parts, wait for 10.3K, wait for the bottom of retracement wherever it will be then wait for upside reversal and buy on tactical retracement, etc...

Now 10.3K seems a bit deep, but we think BTC still could reach it.

P.S. those who familiar with DiNapoli technic, we have B&B "Buy" short-term setup on daily...