2 cents on BTC retracement

Morning folks,

Yesterday we said that it is not sufficient context for taking long position and action of last week makes us worry that downside action could continue.

Despite that BTC has climbed slightly higher - we still treat this as retracement, but 11.25K area will be important for us today by some reasons. First is, this is short-term border between retracement and "not retracement", as

11.25K is major 5/8 Fib resistance and AB=CD upside target. Also this is natural resistance area. Depending on what will happen there - we understsand the sentiment. Upside breakout tells that this is not a retracement anymore and
suggests upside continuation, while downside reversal will confirm our bearish scenario.

Thus, you could make a conlcusion on trading there. Bears could consider short trade, based on "222" Sell pattern. While bulls to keep an eye on upside breakout.