BTC has to finalize major $21070 targetMorning folks,
BTC has shown deeper retracement than we thought. Although it was ripening for some time and we even have talked about it earlier, but price has come so close to 20K top that it was seemed major retracement comes after its challenge.
Anyway, we have few possible scenarios here, such as downside AB-CD, immediate upside breakout, butterfly and some others. But I talk only on the one that I think most probable. We need the pattern that makes price to stay flat for some time but then let price to finalize weekly 21070. Butterfly fits best for this. We expect that minor pullback should happen in the beginning of the week, somewhere to 17K area that will become the right wing of the butterfly, and then price should re-establish upside action, making challenge of 20K top and last effort to weekly 21070 XOP target. Strong deeper retracement is possible only after that.
