27-27.4K is possible

Morning folks,

BTC now is living from one news to another, with record low trading volume and no interest to the market from investors. Despite any short-term spikes, BTC has nothing to offer when Fed rate is around 5.5 and forward stock market yield is already lower than short-term T-Bills one.

It makes us think that long-term bearish tendency is intact. In short-term, market has some upside momentum, after completion of our 24.7 XOP target and grabbing stops under 25 lows. Based on this momentum, it could try to climb slightly higher, to 27-27.4K area.

But before this happens, we suggest that BTC will show deep retracement, so we should get new "C" point for our AB-CD upside pattern.