I am still bearish on BTC to lower prices until invalidated. If we get invalidation and we break up, we could see the upper 18k levels if the Stock market holds. But for now, I am maintaining my bearish view. From our last update, we were watching a blue rising wedge on declining volume. We anticipated a break down but it actually broke up on a spike in buy volume invalidating our down side target for the time. The move played out. After zooming out, it seems we are still mirroring the Stock market as we are drawing a symmetrical triangle on declining volume(orange). We are currently at resistance grinding pretty hard. I am anticipating rejection to the bottom of the pattern before an overall breakdown to 15k to 14k. I will re-evaluate everything on a strong close above the top trendline today.
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Comment:
Here is the volume profile from the weekly perspective