Reaction on 51K

Morning folks,

So BTC shows real strength in recent weeks and long-term background stands friendly to accumulation. Our suggestion that BTC should take out the previous tops in mid term. Market shows minor reaction on weekly overbought area, which means that demand for BTC is growing and any, even minor deep immediately is buying out. Market was not able to form the H&S pattern by this reason on 1H chart, that we were watching last time.

Now price is coming to the major daily resistance area of 51K - this is 5/8 Fib level and Agreement with AB=CD target. Besides, this is the neckline of former H&S pattern on top, i.e. natural resistance area. Once again, currently we not dare to predict the pullback depth but odds suggest that if you're thinking about long entry - it makes sense to wait a bit, as minor pullback, at least should happen.

For the bears it is possible to wait for bearish patterns (H&S is most probable) on 1H chart, but to not marry any position and take nearest target as BTC now is aimed on top.