BTC at the last point of defense for a bearish case
BTC is currently at a key level if the market wants a deeper correction in the next weeks.
During this week we have traded into the Optimal Trade Entry (O.T.E.) zone of the Daily correction, 62-79% retracement. As we did that a 3 drive pattern has been printed on the chart, following a deep retracement/retest of this pattern.
The 1hour structure following that retracement indicates bearishness on price, as long as we dont break it to the upside which is pretty damn close right now !
If we do break it, 72k is next. See the reaction there to try again for short but we would invalidate the 3_drive pattern so it will just retrace to go higher in my opinion.
Then its the ATH, where we could push higher from there until the start of May where Indices might turn for the year, using the yearly profile/quarterly shift.
However a reaction to the downside right now is still tecnically valid, ETH is stronger and print bullish price acion on the hourly so risk should be reduced and re-engaged if we have a followthrough on price.
During this week we have traded into the Optimal Trade Entry (O.T.E.) zone of the Daily correction, 62-79% retracement. As we did that a 3 drive pattern has been printed on the chart, following a deep retracement/retest of this pattern.
The 1hour structure following that retracement indicates bearishness on price, as long as we dont break it to the upside which is pretty damn close right now !
If we do break it, 72k is next. See the reaction there to try again for short but we would invalidate the 3_drive pattern so it will just retrace to go higher in my opinion.
Then its the ATH, where we could push higher from there until the start of May where Indices might turn for the year, using the yearly profile/quarterly shift.
However a reaction to the downside right now is still tecnically valid, ETH is stronger and print bullish price acion on the hourly so risk should be reduced and re-engaged if we have a followthrough on price.
