Recent upward action is not sufficient to break the scenario yet

Morning everybody,

Despite some bullish activity on Friday, by our view it is not sufficient yet to break existing bearish setup on the market. In fact, everything is based on 11.2K top. Bulls have to wait either upward breakout of this level or completion of our major scenario with 9K target. We have positive outlook for long perspective and think that market stands in accumulation mode. But in the shorter term we can't ignore major driving factors on the market - lack of liquidity stimulus from US government, rising CV19 cases, confusing Fed statement and coming US elections make investors nervous. And as we saw in March - BTC is not treated as safe-haven, this is just the source of the liquidity, as well as stocks and the gold. Safe-haven as US Bonds and US dollar. And BTC, despite that it stands well this week, will feel the same impact as other markets this week. This makes us keep our daily bearish scenario valid.

On the chart you can see what particular pattern could lead price to 9K - butterfly target coincides with daily AB-CD. Only action above "A" top erases the butterfly and could change short-term scenario drastically. But in current environment chances seems small to see it.