Look at the pic

15. Jan.

Morning folks,

So, indeed market has shown upside action to 49K after our last update, but later has broken, as we said, vital area for the bulls. For now ETF approvement doesn't fit to expectations much. In general, BTC has dropped for ~8%.

But, at the same time - let's do not overreact on this. Yes, drop is significant, but it doesn't break major upside tendency. If we recall that 48.5K is major monthly 5/8 Fib resistance, then, current drop looks absolutely reasonable.

Still, it was rather fast and by our view this increases chances on 2-leg downside retracement. In fact, it could take H&S shape. Since BTC is oversold on daily chart now, we expect upside bounce somewhere to 45K area first. Then we will be watching for bearish signs around either to confirm, or not confirm our suggestion of H&S and downside AB=CD action.