17.9K seems interesting for short entry

Good morning,

So, the bullish "Wild card" discussed last time has worked and BTC has completed 17.8-18.2K targets that we've discussed. Does it change something? No. Overall context remains bearish. Recent Fed statement, although has matched to expectations but still was slightly hawkish as just two members voted for the terminal rate below 5%. Market now stands at solid resistance area and we do not see any attractive decisions for bulls by far.

Bears have two options, either try to go with this minor H&S pattern on 1H chart, and take position around Fib levels with stop above the high. Or - watch for the same H&S pattern but of larger scale on 4H chart. If ECB fails to provide hawkish statement today EUR turns down sharp and major downside action could start across the board, like on Gold market right now.