In my opinion, $124k was the highest price 
BTCUSD would see in this cycle, and the downtrend has started a long time ago.
The colored dots you see on the chart represent the main pivots of the weekly candles that were forming the bullish structure. Now we are seeing this structure being broken one after the other. You can see the key/legend for the colored dots on the chart.
Current Situation
Bitcoin broke the first weekly candle's Higher Low (HL) on August 22nd. Since then, we've seen a Lower Low (LL) and a Lower High (LH) on the weekly chart.
Now, the price is moving back towards that LL to break this LOW and form a new LL.
Last time, we saw good support at $107K and this area could be a support zone this time as well. However, the bearish structure has formed, and we will likely only face temporary reactions. In this area, we will either see the price range or a break of support and the start of a larger trend towards $85k.
Please note that this is just my opinion and it could be completely wrong. Even if it is correct, it might take a long time, or perhaps we'll move towards it with a sharp move!
BTCUSD would see in this cycle, and the downtrend has started a long time ago.The colored dots you see on the chart represent the main pivots of the weekly candles that were forming the bullish structure. Now we are seeing this structure being broken one after the other. You can see the key/legend for the colored dots on the chart.
Current Situation
Bitcoin broke the first weekly candle's Higher Low (HL) on August 22nd. Since then, we've seen a Lower Low (LL) and a Lower High (LH) on the weekly chart.
Now, the price is moving back towards that LL to break this LOW and form a new LL.
Last time, we saw good support at $107K and this area could be a support zone this time as well. However, the bearish structure has formed, and we will likely only face temporary reactions. In this area, we will either see the price range or a break of support and the start of a larger trend towards $85k.
Please note that this is just my opinion and it could be completely wrong. Even if it is correct, it might take a long time, or perhaps we'll move towards it with a sharp move!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.