BTC is once again testing the most recent macro high and braking trend to the down side on medium time frames with daily high time frame divergence.
This is a 4hr line chart showing a clear rejection at past resistance, followed by a brake of trend with a hard sell off. Currently price is coming back up to retest this brake of trend and if it fails to brake to the upside lower prices may be on the way.
First target will be to pull back to the main up trend and a brake of this trend will be a clear indication of a larger pull back before a potential bull run.
Following a the standard liquidity cycle BTC should be in a macro sideways accumulation phase and we may be seeing the top of this sideway phase in the cycle. If so it would reasonable to expect a pull back to and brake of the main up trend, retest it and reject.
IF IF IF we see this kind of rejection after a brake of the main trend a pull back to 50-61.8% to the low is to be expected.
This is a 4hr line chart showing a clear rejection at past resistance, followed by a brake of trend with a hard sell off. Currently price is coming back up to retest this brake of trend and if it fails to brake to the upside lower prices may be on the way.
First target will be to pull back to the main up trend and a brake of this trend will be a clear indication of a larger pull back before a potential bull run.
Following a the standard liquidity cycle BTC should be in a macro sideways accumulation phase and we may be seeing the top of this sideway phase in the cycle. If so it would reasonable to expect a pull back to and brake of the main up trend, retest it and reject.
IF IF IF we see this kind of rejection after a brake of the main trend a pull back to 50-61.8% to the low is to be expected.
