9500-9700$ as a short-term ceil

Morning everybody,

Our H&S setup has been erased by market as price has climbed above 8300$ on Friday. We warned in our report, if this will happen - H&S setup will fail and market moves above the top (i.e. the head).

Still, we keep our larger context the same - we expect moderate retracement on BTC and sooner or later but it should start. Our context doesn't suggest bearish trading and we're interested in bearish patterns
only as a tool for retracement. But it is not forbidden of course, to trade it if it matches your trading plan.

Now, BTC comes to major all time 3/8 weekly resistance at ~9580$ area. On daily chart market is forming 3-Drive "Sell" pattern instead of H&S pattern. This combination increases odds that our retracement could start from this area.
If you plot MACD here, you'l see huge bearish divergence as well.

Thats' being said, despite that reversal pattern was changed, our major context stands the same. Whether to trade BTC short based on the patterns that are forming here is up to you. Our major context is bullish and it doesn't suggest
short-term bearish positions, as we're waiting for the point to take long-term strategical bullish position.