After multiple rejections around the $9,500 level, it is logical to speculate that BTC is going to break $9,000 if it gets rejected one more time and closes below $9,000 (200-d SMA) on the HTF charts (4-h and above).
The 4-h cloud seems to be acting as a support and further sideways price action above $9,000 is actually bullish for BTC in the long run.
Simple...
Bitcoin is now consolidating in the lower $9,000 region; after the ludicrous pump that happened yesterday, which effectively printed one of the largest price swings in bitcoin history ever since its inception.
People can point to numerous possibilities as to what caused the massive pump. Nonetheless, it gave bitcoin some hope, at least in the short-term, to...
If one zooms out, especially to the weekly chart, it is quite clear that BTC is just ranging without any clear signs on either direction.
The longer BTC stays in this range and under $8,600, the more bearish it will be for BTC in the macro, as the majority of its moving averages are pointing down.
However, there's an impending big move as indicated by Bitmex...
