As your can see the overall structure of bitcoin is currently bearish. After such a big push down im expecting a retracement back up to the 54k range. This would be the retest level of the previous lower low that was created. In my opinion the structure will only turn from bearish to bullish if the previous major lower high is broke at around 60k.
On the weekly timeframe the overall structure of the market is still bullish. The weekly candle closed above the major higher low that was put in before creating the all time high. The candle closed with a big wick to the downside and we have consolidated since then.
Personally the current short term structure in bearish but from a higher time frame perspective im still bullish.
On the weekly timeframe the overall structure of the market is still bullish. The weekly candle closed above the major higher low that was put in before creating the all time high. The candle closed with a big wick to the downside and we have consolidated since then.
Personally the current short term structure in bearish but from a higher time frame perspective im still bullish.