My bias is switching more to for now as all the ground we made with the previous breakout has been given back and once again the support of 36.8k/37k has now turned resistance, + the 200 is now looking we are having a rejection.
Staying neutral is the key to not being burned.
We have also seen hundreds of millions of dollars worth of bitcoins being moved to the Binance exchange signalling whales might be making some moves soon.
It is unsustainable for the price to continue falling this aggressively like we saw last week, I feel like we are due a pullback of between +3%/+6% before we get any more downside.
The only way my bias would change to would be if we can break back above the 37.8k level and come back down to confirm this level is now support, then an aggressive push to the upside and a solid close via the 4hr chart with minimal wick.
Also we have the divergence/negative correlation between gold and the DXY and how the DXY has been climbing unsustainably this past week + it’s approaching an upper trend resistance set back in Sept 2020 so we could see a nice pull back on the DXY next week, this could result in a pump in gold and potentially Bitcoin if this convergence continues between those two 🧗🏻♂️🏄🏻♂️