Downside setup is still valid

Morning folks,

Today we focus on daily chart, as it shows the major things that let us to control our setup. Intraday chart has more details and tricky moments, but all of them lead to the daily picture. Currently, everything depends on today's top. Potentially we could get bearish continuation pattern, if price close as it stands right now or lower. In this case we could consider short entry with stops above the top and target around $38-40K area. Butterfly could finalize downside action.

Alternatively, in the case of upward action above this top - price should reach at least 55-56K level. Continuation above the top is also possible but with less degree.

Order cancelled:

Hi Guys, as we have got no bearish grabber on daily chart - immediate "sell" setup is cancelled for now.