Crucial 3 weeks

6 dec. 2021Morning everybody,

So, once again H&S from our last report has become great indicator of further action. It has failed, and failed miserably. Once again it shows how important to have clear pattern that lets you to minimize potential loss. I'm sure, somebody, who have traded H&S failure were able to get good result.

Anyway, today is nothing to discuss on lower time frames. Collapse just has happened, and market has not enough time to response. The major thing we have on the monthly chart. Market has dropped to strong K-area and potentially could form the bullish grabber. Hopefully we'll get it. In this case market keeps bullish context and will remain on the way to 76K+ area.

But, before taking long-term position - we have to get grabber confirmation, i.e. wait until December close. The reasons are simple. First is, BTC was looked like cheap 2nd quality risky assets and it has taken the first, initial impact of changing fundamental background. It has dropped almost for 30% - much more compares to the stocks, for example. It explains how investors treat it, and proves that it is too far until BTC could even pretend on the quality of safe-haven.

It means that current pullback might be just technical reaction, but not buyers step-in. We're dealing not with just reaction on some news headline. Market react on changing of economical background, that is extended in time. This is the risk, that once first reaction will be over - BTC could keep going lower. So, be patient and not hurry up with long entry.