46.56K

Feb 10, 2022Morning everybody,

So, BTC accurately hits the target that we've set on Monday. For the rest of the week, we suspect that the next target should be enough, at least until our next update on Monday. Currently, we could sign some hidden strength on the markets across the board, it seems that markets is aimed for higher action - EUR, Gold, etc. But here, on BTC we have to remind that in fact, BTC is flirting around a strong weekly resistance area of 44.70-46.50$ and we're not ready to make fast conclusions yet that BTC is turning bullish already.

That's why let's consider first the next short-term target. This is another XOP of larger AB=CD pattern. It perfectly agrees with the major 3/8 weekly resistance and stands at 46.56K area. It might be completed by a puny butterfly pattern that is forming on top. Then, depending on the market reaction to it - we will go further.