Deeper retracement is possible. 104-105.2 for short entry

Morning folks,

So, last setup worked just partially - action started from 101K as suggested but BTC completed only 1.27 butterfly target, showing sharp reversal.

Current reversal is important because market is neither on some target, resistance or overbought. It means that reversal is driven by external factors. Although our long-term bullish view is still valid, with "at least" 110K target, the road to the target might be bumpy, with moderate pullback first.

It means that right now weekly/daily traders should sit on the hands and wait when retracement will be over. While daily/intraday traders could consider short entry from 104-105.2K resistance area by our view.