Still watching for 42K

Morning everybody,

Our long-term bullish background is almost set as it is just 2 sessions till the end of the July and hardly possible the drop below 29K lows. But for position taking with this setup on monthly/weekly charts we need healthy retracement. Now BTC stands in a first more or less solid upward action and gradually is coming to 42-43K resistance area.

On 4H chart we also have XOP target that we've discussed last time. Although upward bounce from 36K has happened pretty accurately, currently we do not consider any new long entry as market almost stands at resistance. Once XOP will be reached - we start watching for pullback, and hopefully we could use it for long entry of a bigger scale.

Upward action could be finalized by the butterfly that you could see here, on 1H chart.