BTC - no signs to buy

17 de jan. de 2022Morning folks,

So, the last analysis seems to be completed nicely. Now the big question is where we go next. The problem is we do not have this week any important speeches or statistics, so interest rates performance could be wobbling, as well as BTC market.

In fact, current performance shows nothing bullish and we still do not see any reasons to buy BTC. Besides, we suggest that Dollar Index retracement should be a bit higher, which limits the upside potential of the Bitcoin market as well.
For the truth's sake I would say - do nothing by far. But just to not leave you without a dessert, we show two possible scenarios that you could consider depending on your own view on the market. We suggest that market is more bearish now rather than bullish, but we could be wrong...

Anyway, if you would like to buy BTC - you could consider upside butterfly with the target around the XOP and vital area at recent local lows. Coversely bears could think about downside butterfly that, as we suppose could finalize our short term target on 4H chart around 36K area within a week or two.

S.