27.4K is vital

16 Eki 2023

Morning folks,

So, BTC is moving by some reasons, known only to itself. Market is very thin and it seems that investors just are searching for something to make some moves. The connection to performance as safe haven as risky assets is lost.

Now it was reported that some short liquidation has happened and long-term hodlers have accumulated 3.2Mln positions in 48 hours in anticipation of coming approvement of ETF, no matter from whom - BlackRock, Grayscale etc...

Anyway, technically, market starts upward action after downside AB-CD retracement. By logic it has to be new extension swing to daily XOP target around 30K. Second - as major pullback is done already, BTC has not to show any strong pullbacks. That's why we have to keep an eye on 27.4K support area on 1H chart. Market has to stay above it to keep this scenario valid.

Otherwise, recent rally will be erased and downside action deepened.