Tricky rally

Morning folks,

So, Debt ceil achievement, as any external factor, has brought its own adjustment to technical picture. BTC emotional reaction is understandable, but what will happen, when, say bill will stuck in Congress or Senate? In both Houses we have very fragile majority of Rep and Dems correspondingly. But, most interesting - what will happen to BTC (stocks and other markets) when US Treasury will come on stage and start sucking all liquidity that it could?

So, I wouldn't overestimate recent BTC reaction. Still, in short-term, 29K XOP target could be reached. We do not consider new shorts by far, waiting when upside momentum will exhaust.

Around 29 K resistance we get big "222" Sell pattern. And It takes bulls awhile, how it would be better to buy. From risk/reward ratio, it makes sense to take position only if you could enter/place stop not lower than 27K, because target is just 1K above the market.