minor update

Greetings everybody,

Recent price action doesn't change the core as we're still watching for compounded downside action. By our view it should be at least to 42-45K area. The major concern in short-term is from what level BTC starts dropping. For the truth's sake - it absolutely doesn't matter for the bulls who intends to buy BTC at 42K area. But for intraday traders it might be important.

What do we have right now... Our perfect scenario suggests that downside reversal should start a bit later, from 63-64K area. For us this is perfect shape just because it is better fits to longer-term technical picture. But, chances that BTC starts dropping immediately are above zero as well. First of all, we do not like no reaction on recent NFP report while other markets - EUR, Gold, ETH have used it to jump. This is bearish sign. On 4H chart we have rising wedge and divergence inside that should be treated as some points in favor of the bears as well.

In general divergence among major cryptos are bad sign. So, as you could see - current situation doesn't change the core, but downside reversal might happen earlier. Thus, if you intend to go short, maybe it makes sense for gradual entry on different levels. Most conservative approach is just to follow our initial suggestion and daily AB-CD pattern target around 63.5K area