Background looks a bit too bearish in short-term

Greetings everybody,

Daily and higher time frame context still stands bullish, at least until price above 10.5K area. While in short-term, we aware of a bit deeper retracement. Once our last target around 12.5K has been hit, we have hoped for smaller pullback, as we've got acceleration on 1H chart to the target. Still, BTC has dropped more, erasing the whole upside swing, forming bearish reversal one on 1H chart. This, in turn, looks like wash and rinse of daily stops.

Thus, it makes us suggest another leg down on 1H chart, before BTC could get the chance to re-establish upside action. Now price stands at 1H support area, where we could get the bounce, i.e. BC leg of future AB=CD pattern...
Depending on your view, you could - either buy here with tight stops just below the lows and move stops to b/e asap during forming of BC leg. Alternatively, just do nothing, wait when the whole AB=CD will be in place and then try to buy lower.
If you would like to sell - wait for the same upside pullback, and watch for small bearish patterns, such as "222" Sell for example around Fib resistance levels (not shown here).

That's actually all that we could do, as market stands really tight.