8750$

Morning folks,

BTC has reached predefined retracement targets and now is the moment of truth. We suggest that downside odds are higher now by few reasons. This is technical picture on weekly and daily charts and recent Fed statement. We think that it deserves stronger downside reaction as JP speech was supportive to USD, but somehow overall reaction stands moderate by far. Besides, here on BTC, upside action is gradual, choppy that is more typical for retracement mode.

Anyway - keep an eye on resistance cluster between two 5/8 Fib levels. This is invalidation zone of short-term bearish scenario. It means that you could sell against it, but at the same time - upside breakout of this area tells that bearish context is broken.

Now BTC has completed all targets of retracement - upside AB=CD, forming "222" Sell pattern.

If you have bullish view, it would be better to wait either upside breakout of resistance or completion of our AB=CD daily target at 8750$ that should happen by our thoughts at strong daily support level of 8750-9170$.