Big test for BTC

Morning folks,

So, we're almost there - 100.5K area that we've discussed last time. BTC is almost completed the predefined XOP extension.

Why this level is so important. Because it determines the results of H&S daily patternhttps://www.tradingview.com/x/4icLGebT/ - whether it will work or fail:

Correspondingly, it tells where BTC will go - either back to the 108K top (or even higher) or starts deeper retracement to ~82-87K area.

Besides, it is important to us because we have to make a decision on short position taking. Here we also could use 1H potential H&S pattern, with 99K area of the right arm and potential level for decision making. This is just to not risk too much.

So, watching for completion of XOP, then 1H H&S - if everything goes as it should, thinking about short entry. If not - then start watching North.