26k?

Morning folks,

It seems that current situation doesn't need a lot of comments. As market has broken down key intraday support on a background of Fed statement - short-term bullish context successfully was broken :)

Now, on weekly chart market is not oversold any more, so it could keep dropping. Although other market have hit major downside targets on Friday and now are preparing to pullback - cryptos are trying to catch up with them, and keep dropping. On weekly chart we have flag consolidation that is potentially bearish.

On daily, as we've said before, BTC shows signs of bearish dynamic pressure that should lead to new lows. Thus, again we return back to idea of 26K area that could be hit. Anyway, right now we do not see any good patterns for trading. Its no setup for long entry, as market should reach at least the bottom of consolidation. Short entry theoretical is possible, but we do not have good pattern either by far.

Thus, we think that it makes sense to wait 1-2 sessions and see what will happen. Downside breakout to 26K could move situation from a dead point as BTC could start forming bullish reversal pattern that we're waiting for. Despite Fed policy is headwind for cryptos - rates remain flat for 18 months more, so solid pullback in long-term perspective has not bad chances to happen