Intraday bullish setup has failed

Morning folks,

Market confirms our suspicions on weakness, as even last week we had doubts on upside perspective as BTC was not able to show adequate reaction on our 4H reverse H&S pattern. Now price drifts even lower
and almost erased daily "Morning star" pattern. Although theoretically pattern is not failed yet as BTC stands above its lows, but price action is irrational for bullish market and probably it is a question of time, when market will drop further.

Thus, we do not see yet good context for long entry. For short entry there are two ways - wait for bearish pattern and use stop Sell entry order slightly above the Morning Star lows. 8.5K is daily oversold, so we could use it as short-term floor.

Our long-term view suggests that major retracement should be over in IIIQ, i.e. BTC should reach our major target of 6.4-7.2K area. Then major long-term trend should start. We think that starting of ICE Bakkt trading could become a catalysts of this process.