$34.10K ?

Morning guys,

This update is better to watch together with the previous one. So, our topic is next BTC target - 34.10K. How do you think, whether it will reach it? I hope so. At least the start of the week looks inspiring. In fact, last week Fed has added to financial system around $140 Bln (check the cash account of US Treasury), and this has let market to find the local bottom.

Last time, when market just has reached support area, we said - it could bounce, but we do not see yet the signs of upside reversal. Now we see that support level is valid and price is bouncing up with signs of thrust. Although theoretical chances exist that we could get deeper AB=CD shape retracement down to 28K area, but we treat this chance as not very significant.

With current performance we do not consider any bearish positions by far. Second - we should not get any deep retracements, as it already is done last week, and now by our view BTC stands in extension leg to the next target. It means that the most probable levels that could be reached and you could consider for long entry are 30.40-30.50K and 30.80K.

Drop back to the 28 K area will not totally destroy upside chances, but makes context weaker. Because in this case we get too deep retracement after reaching of just minor target last week. Besides, in this case market erases current rally...

Order cancelled:

Setup has not been formed, as market just collapsed through all support lines within 1 hour.