On the way to 85.5K

Morning folks,

So, both our entries worked fine - as on the top of the right arm as on recent pullback to 96k area. Now there are two moments that you have to know.

First is, the risk factor. It comes from weekly bullish grabber pattern, suggesting upside jump above 108K top.

But the problem with it is unclear reasons for this jump. Because fundamental picture for now doesn't support any upside action on BTC. First is, dollar and yields are going higher. Second and what is even more important - the new debt ceil act is not taken yet. We have only temporal act on postponing of this decision. It means that until it will be taken, the US Treasury has to save. And they do - spending cash from their Fed deposit. It means that liquidity for some time will remain narrow, which is bad for BTC and Stock market performance.

Since both our entries are safe already and protected with breakeven stops, we could relax a bit and keep our eyes on 85.5K downside H&S target. If you still would like to go short- you should understand the risk that you take, because your stop now will be above 96K area. And with potential weekly bullish pattern on the back.

Those who have an opposite view on situation and want to buy instead - the weekly pattern is the great one that you could try to use. If price will drop under 91K area, it will mean the failure of this idea.