8800-9000$ is still on the table

Morning, guys

So, yesterday's factors were really strong, deadly combination for the bears of daily K-support and oversold. As a result our suggestion on pullback seems to be correct.

But, still, we treat it just a reaction on daily oversold, but not as starting of new upside swing. Mostly because bearish pressure stands strong, and two days ago market ignored strong intraday levels.
This is not normal for bullish market.

These thoughts leads us to conclusion that before major upside bounce on daily chart, we should get another swing down first to complete major OP target of AB=CD pattern. The same butterfly that we've discussed yesterday
could finalize this action as its 1.618 extension also stands there.

On 1H chart this action to take the shape of 3-Drive "Buy" pattern as well.

Thus, our suggestion now is downside continuation to 8970-9000$ area and then major upside bounce on daily.

As we do not intend to trade BTC short right now, we do not worry too much on the shape of downside action, as we're mostly watching for bullish opportunities. We keep an eye on downside action to control its shape
and identify levels where it could finish.