BTC is following a bearish channel with the last daily high for an uptrend at 40K.
The last Fib extension played out exactly to the 1.618 level at 37K, if that happens this time the target is ~24K.
It would be nice to resume the macro bull-trend but there is a lot of resistance and a lot of damaged trading accounts standing in the way.
RSI forming a bear-flag looking shape is not favorable for bulls and MACD is losing momentum on this small relief rally.
Sentiment is pretty low after the bloodbath in the last weeks, this one might take a bit of choppy choppy sideways action to consolidate properly.
There is also the Wyckoff patterns mentioned quite a bit on the social media channels, so far this has been playing out almost textbook.
The last Fib extension played out exactly to the 1.618 level at 37K, if that happens this time the target is ~24K.
It would be nice to resume the macro bull-trend but there is a lot of resistance and a lot of damaged trading accounts standing in the way.
RSI forming a bear-flag looking shape is not favorable for bulls and MACD is losing momentum on this small relief rally.
Sentiment is pretty low after the bloodbath in the last weeks, this one might take a bit of choppy choppy sideways action to consolidate properly.
There is also the Wyckoff patterns mentioned quite a bit on the social media channels, so far this has been playing out almost textbook.