As we've mentioned before, BTC has hit all time major XOP target at 35K. In long-term we expect upside continuation with next nearest target around 47K$ and in perspective of 1-2 years 150K on average. In the range of 35-50K we expect starting of deep pullback when BTC could played back ~50% of its value. This should become great chance for investing for long term. Now, as price stands around the monthly target - we try to consider possible patterns that could be formed here, if reaction still happens. Most obvious candidates right now are either butterfly "Sell" or 3-Drive patterns. 3-Drive might be even more probable as overall upside momentum stands very strong, and market needs more power to fade it.
These patterns are not for shorting (although this is not forbidden), but mostly for understanding of further action. If patterns will be formed - we do know that we get better price for buying. If now - we're going to next target gradually.