55K is a red line

Morning folks,

So, the 1st part of our trading plan is done - market has completed AB=CD retracement and formed the right arm of H&S pattern (see previous update). Now BTC stands at crucial for short-term performance area. In fact, if BTC is still bullish - it has to go up right from here. If it doesn't do this - then it is not bullish and moderate downside retracement on daily chart starts. I've explained everything in previous update.

For trading purposes it means that bulls have to make decision on long entry, while bears could keep an eye on 55K area as indicator. In a case of downside breakout, somewhere around 52K area - half way to 50K lows, it is possible to make decision on short entry. Additionally it is possible to use Stop "Sell" orders around 50K lows.