Beyond 9000$...

Morning guys,

So, yesterday setup is done perfect, market stands in few bucks from 9000$ major daily AB=CD target.

But today we want to talk on medium-term perspective... what's next and what we see from recent price action.

If we pay some attention to details then we could recognize strong bearish efforts. Indeed, as yesterday as two days ago - sell-off was so strong that BTC has paid no attention to Oversold condition (blue line is DiNapoli Oscillator Predictor, showing OS area). Combination of strong K-support area (despite it has been tested once earlier) and Oversold was not able to hold price and BTC has pressed it down anyway.

The same story repeats yesterday. Depsite oversold BTC was tendning lower, showing tail close candles and coming to major target. Once AB=CD will be completed, we expect some retracement as usual. But when
BTC calms down a bit and leave Oversold, we suspect that next 1.618 AB-CD extension appears on horizon. It is too strong downside pressure right above the major target. Very often it leads to downside continuation later.

Besides, this continuaiton to major 5/8 Support around 7K area totally corresponds to our long-term view of major retracement.

Thus, as soon as technical response on 9K target will be over, we keep door open for another leg down.