No longs

Morning folks,

So, market is trying to show the reaction on our major 26K support area, but it can't succeed yet. First is, today we could get bearish grabber that suggests forming of the new lows. Second - by taking a look at 4H chart we could see that BTC was not able even to complete minor 0.618 AB-CD target, hits the nearest 3/8 level and keep dropping.

On 1H chart you could identify skewed H&S pattern, but BTC has problems with it as well

These moments keep us aside from taking any long positions by far. Bears could try to anticipate grabber appearing with the stop somewhere above 32K initially. But - control that price close today at current levels or lower. Otherwise you will have to out, if grabber will not be formed. That's the risk. Alternatively - wait for tomorrow.

In longer term, we see rising risk of BTC drop below 20K area, reaching our next 12K target as Fed doesn't stop sucking liquidity out of all markets, where the cryptos are the primary source and has lost already 60% of capitalization. Correlation with NASDAQ stands around 95% that confirms everything that we said since the last year - investors treat cryptos like second quality stock and it falls under sell-off first.