7000 is a key point to consider

Morning guys,

Price action is lazy on BTC market this week. It seems that ivestors are too busy with classic FX, stock and gold markets as a lot of trading setups are forming there right now.

Anyway, let's see what we could get here in nearest time. Our triangle indeed has been broken down, but action stands slow, which tells that it is more the retracement of recent upside swing than downside continuation.

As a result we could consider potential "222" Buy" pattern around major 7K Fib support. This level set next direction, that's why -

bulls could consider long entry around 6850-7000$ with potential target around 8.3-8.5K based on "222" Buy pattern.
bears have to wait either for breakout of mentioned area down or wait until upside target 8.3-8.5K will be reached. It would be better to not anticipate the breakout of this level and do not take short position in advance.