Market looks heavy

Morning folks,

Market has shown anemic action since our recent discussion and overall situation looks heavy by our view. First is, recent downside fake breakout it seems is becoming not fake any more and this is absolutely irrational behavior. After fake breakout price has to move at least to opposite border of consolidation. This is just how markets work. As we do not see it - situation looks worse than it seems at first glance.

Second is - downside turn happens in the middle of the range, which is also a bearish sign. Trend are bearish by MACD as on weekly as on daily charts. Finally, take a look at our previous idea - BTC was not able to form "222" pattern that we've suggested and drop. JP dovish speech in Congress hasn't helped too much. So, we would say that BTC looks more bearish rather than bullish, and this is the reason why we do not consider any long positions by far.

Still, it is not everything clear with bearish positions as well. Although overall picture looks bearish - we do not have any patterns for position taking. Thus, we hope that maybe ECB and Fed this week bring some volatility and we could get something. For example, it would be nice to get butterfly, as I plot it on the chart. Thus, for bearish position taking we still need the clear pattern.

Take care.
S.