Downside reaction still on the table

Morning folks,

We still suggest that market should show reaction on few moments - reaching of monthly 15.5K target, monthly overbought level and dropping of the Hash rate. All these moments suggest at least minor technical response in a way of pullback from the top. Still, as we're dealing with long-term time frames - the range of reaction and timing could be wider than on daily and intraday charts. It lets price to fluctuate around before retracement could get started.

This, in turn leads us to consideration of following scenarios. First one is butterfly "Sell", when reaction could start from a bit higher level - around 16.4K. But, we have some doubts because appearing of puny W&R (Wash & Rinse) that grabbed stops from previous top. This is usually bearish pattern, suggesting that downside action could start immediately. So how to place trades with this?
If you would like to sell - there are two ways. Take more risk and sell right now we stops above W&R candle. This is risky, but entry price is perfect. And in a case of success - best result. Alternatively- wait for the patterns, either butterfly "Sell", or confirmation of DPRO "Sell" on daily chart that we've mentioned in last update. They are safer, but entry conditions will be different.

For the bulls - it is not good time for buying on long-term perspective. For scalp traders, it is possible to consider using of Stop "Buy" order slightly above W&R top. In a case of breakout hardly we will get new W&R and BTC just breaks the top, going higher.