Keep up with retracement. Part III

Hey folks,

So, It seems that our suggestion was correct and retracement target almost is done. It is no doubts that market will hit 10.3K major 5/8 Fib support.

Here, on 1H chart, I show you another, wider AB=CD extension (in addition to the one that we showed last time), but it also has the same target and creates Agreement with major 5/8 Fib level.

Why it is a lot of attention to 10.3 area. In fact, this is separate line between bullish and bearish scenarios. If BTC will be able to hold above it and turns up - we will follow to our upside setup that we've discussed this week on weekly time frame with potential target around 15.3$.

But, drop below 10.3K and failure to form reverse H&S shape will lead first to drop below the head (recent lows on daily chart) and, potentially deeper large AB=CD retracement. That's why 10.3K level is very important right now.

It seems that we should do nothing today, as we need to get the reaction on the level. Hopefully it will be bullish reversal patterns on 1H chart. We will be right back as soon as we will see something valuable.

Take care.