16-16.1K is a vital area

Morning folks,

BTC performance looks weak, price is forming triangle consolidation after solid drop, which has more chances on downside continuation. Last time we have considered long entry on a pullback, and in general setup has worked nice. If you still keep longs - move stops to breakeven. If you do not have longs - do not take it by far. BTC could show minor upward action, and maybe re-test 17K area, but we're skeptic of extended bullish performance. Usually upward trend looks different.

For the bears - watch for 16-16.1K support area. Downside breakout will be the vital point of short-term tendency turn into bearish and puts odds in favor of downside triangle breakout.