Signs of bearish dynamic pressure

Morning folks,

So, market stands in the same triangle pattern, that theoretically keeps door open for both directions. Still, by few indirect signs we suggest that it might be another downside breakout. First is, triangle is formed after downside action, and its a continuation pattern - just to thing in a row with classic technical analysis. Second is - take a look that MACD trend stands bullish here, but price action is not, its mostly flat.

If you take a look at intraday performance. Upside action inside the triangle is choppy and gradual that is not typical for reversal which should be more thrusty. Conversely downside action now shows pushes on 1H chart.

Finally, we expect that Thursday's CPI data also becomes dollar supportive, that indirectly could make pressure on BTC as well.

Thus, if you have taken short position around XOP (see previous update) - you could keep it, just don't forget to manage it. Second - I wouldn't take any long position by far for speculative purposes (long term accumulation is OK), as we suspect that BTC could hit 26-27K area.