28.5K at best

18 мая 2023 г.

Morning folks,

Once our first major daily target around 25.7-26K has been completed, BTC has started reasonable retracement. By the price shape we can't treat it as upside reversal and suggest that most probable it could become an AB=CD shape up to 28.4K area, at best. Then, we think that downside action could continue.

Our next downside daily target stands around 23.5-24K and we still keep it valid.

We do not consider it, but if you want, you could think about long entry with tight stops, somewhere under 26.5K lows. Still, our major scenario is bearish and we consider upside 28.4-28.5K resistance area mostly for short entry purposes.