Verbal intervention was great but what's on the back?

Morning folks,

So, the pullback that we were waiting for is done. Although we thought that it will be driven by some natural forces and reasons. The way how it has happened and by what factors make us to be caution on its perspectives.

Indeed, it was just verbal intervention from D. Trump. It had bad week - scandal in White House with Zelensky, stocks are falling, crypto are falling, inflation expectations are raising, March debt ceil and shutdown is almost here, EU "allies" do not want to work together... So, to say couple of words and pump the market is not a bad idea at all.

But, what is on the back? Nothing. Special Committee will make Reserve report only by July. I'm sure on crypto Summit this week we also will hear a lot of bravery speeches, but this is just words.

This is a reason why we do not want to buy BTC now and prefer to watch for reversal signs around our resistance 96-97K area. Sooner or later but fundamentals should return control over the market.

I do not have yet the specific picture but, since we have strong upside momentum - it should fade and appearing, say H&S or butterfly pattern, together with completion upside XOP target seems as great combination. Once this patterns will be formed, we could try to use it for short entry.