Not good moment for new longs

Morning folks,

Our 3-Drive pattern is done accurately and now we turn to larger scale - weekly BTC chart. We know that we also have all-time COP target around 15.5K on Monthly chart, but now we have a lot of doubts that price will get there.

First is - if you take a look at US 10 year yield, you'll see that it has dropped ~ for 30% in recent two days. This confirms our worst scenario that elections will turn to mutual frauds, accusations, legal claims, social unrest and probes, involving Supreme Court. Difference between candidates are too narrow that makes victory of any candidate fragile and arguable. Other markets do not show yet the reaction and shows the visuality of upward action, especially stocks. But with yields' dropping, any rally are suspcious.

Second - BTC hits long-term weekly target and hash rate starts to slow, showing miners capitulation, which also stands not in favor of immediate rally. That's why our conclusion - if you still keep longs, you could try to hold them with some trailing stop, hoping on luck that BTC somehow either spike or creep to 15.5K target. BUT, we do not support an idea of new longs taking right now.

For shorts overall background is ripening but it is not ready yet...