17040-17080 as a best case

2 Jan 2023

Morning everybody,

So, we could see across the board that markets are going against the dollar, at least in short-term. While Dollar Index shows signs of weakness. We do not suggest that this lasts for too long, but still, this action is not over yet, and our analysis as of EUR as of Gold market also suggests further upside continuation.

Meantime, BTC has no participation with this move. It shows how weak and heavy it is. That's why we're skeptic a bit concerning its performance and suggest that forming of upside AB-CD pattern with the target that agrees with 17040-17080 Confluence resistance area will be the best case.

Besides, if it happens, we get "222" Sell around strong support and could consider it for short entry. Our mid/long term view on BTC remains bearish.

On 4th of January we get FOMC minutes publication that could bring some disclosure as J.Powell was relatively hawkish on his recent speech.