Pullback for long entry

Morning everybody,

Market is tending to nearest tactical target around 21070. Our general suggestion - minor pullback around current levels to ~ 16.70K then upside action to 21070$, grabbing stops around former 20K top and then deeper moderate retracement.

The reason why we think that BTC probably should show tactic pause and pullback right now is overbought on weekly and daily chart, drop of hash rate and completion of AB-CD pattern on daily chart as well. This is not the background for short-entry definitely. But if you plan to buy - it would be better to wait for retracement. Besides, even from technical point of view - go long at overbought is not very good decision.

The price shape on intraday chart tells me that we could get something of that sort - H&S pattern. It is interesting that its shape suggests target around 16.70K, which in turn is daily Oversold. That is good combination to possess for the last effort to weekly XOP target around 21 068$.