Xi has made the day

Well, well, well...

While we were preparing to market reaction on our major 7200$ support area, which is vital for bullish scenario - Mr. Xi has decided to accelerate this and stepped in with revolutionary speech on Friday.
As a result BTC has shown immediate reaction on support. It was so fast that we were not in time to make any preparation...

At the same time, guys, I would not be too hurry to make conquest cry. This is just the words, guys. Yes, this is powerful leader of 2nd largerst economy, but he is a politician. I remind you that China ban all cryto exchanges in the country and started miners' retaliation in North China. Besides, just take a look at D. Trump what he has told tomorrow and what he tells today and what chaos his words usually trigger on the markets accross the board.
Previously we saw too many brave statements that ended with nothing. These thoughts make me be careful on market's gudgement right now.

It means that we should not fall in euphoria and see how durable this rally will be. I'm just worry that it will used for a new big short positions, because, outside of Xi statement - overall sentiment on the market was negative.

Thus, we offer two things - in longer-term perspective we need to sit on the hands and see what will happen. Second - while we're waiting for longer picture clarity and if you get an itch to trade BTC anyway, take a look at the chart.
This is relatively safe trade that is based on recent momentum. Around 5/8 support of 8.4-8.5K area we will get "222" Buy pattern. Odds suggest at least minor upside bounce out from there, which should let us to turn trade to riskless and move stops to breakeven. If we will be super lucky - rally will continue. This setup is possible only if we will not get miserable collapse to 8.4K area.

Right now it is not good area for long entry as BTC stands at major 3/8 Fib resistance and Overbought on daily chart.