Fundamentals stand not in favor of immediate rally

Morning everybody,

Despite that we keep positive view on BTC in long-term perspective, and still keep our 15.5K target, in shorter-term we worry even not about BTC background but about fundamentals that stand not in favor of immediate rally. Take a look - no stimulus will be provided till Nov.3., Biden leadership is too wide and we think that it will contract in coming 2 weeks that will be supportive to US Dollar. Rising concern on lockdown, coming to end of financial year and holidays will make investors run in cash or money market tools. Ultimately, D. Trump victory could push BTC to 6-7K area. With this environment we're not ready to put the bet on immediate rally here.

It means, that on coming week, we see another leg down as more probable. In fact, this is the same AB=CD that we've discussed already, but its shape was slightly adjusted by recent price action. So, we still consider action to 11-11.10K area. Conversely, upside breakout of daily resistance might be the signal of upside continuation, but anyway it remains tricky as we have explosive combination of uncertainty around major fundamental factors.