Minor retracement to 10.68-10.83 then drop to $8.8-9.1K

Greetings everybody,

BTC has dropped to ultimate XOP target of our H&S pattern directly. This means two things for us. First is, we cancel weekly AB-CD scenario with 14.5K target and turn to monthly butterfly pattern. It suggests that downside action will continue, as price now starts to form right wing of this pattern.

As sell-off on daily was strong, we expect that it will continue, and next target is daily K-support area around 8.8-9.1K. But, as price now also stands at support of XOP target and minor 5/8 Fib level, some technical response to this area also could happen. Ultimate level for pulback is 11.1K, but we treat 10.68-10.83 as most probable destination.