Anemic action provides nothing valuable

16 dic 2021Morning everybody,

So, BTC is so stunned by recent collapse that it can't show anything interesting by far. The only things that we could discuss is intraday performance. Thus, our '222" Buy on 4H chart has started well, but it already has completed the minimum target.

Recent reaction on Fed statement makes us think that this is more the profit booking by speculators rather than change in sentiment. It means that BTC could try to climb slightly higher to complete 50.11K target, but hardly (at least we do not see any signs for this) it will go to the next "blue" XOP .

That's being said, if you have long position with "222" Buy - you could try to hold it until 50.11K target, but now we do not see comfortable conditions for taking new long position by far.