5 red weekly candles in a row for $BTC. Lowest close since mid-August.
This is now the second-longest downtrend of 2024. Only Jan/Feb was worse (6 weeks straight).
Price action before the August rally looked exactly like this. History doesn't repeat but it often rhymes.
Watch the weekly close. If we break the Aug lows with conviction, next support zone is way lower. If we hold and bounce here, could be setting up for another leg up like we saw in late summer.
Macro still matters more than technicals right now. Fed data, ETF flows, and funding rates are what actually move this market.
This is now the second-longest downtrend of 2024. Only Jan/Feb was worse (6 weeks straight).
Price action before the August rally looked exactly like this. History doesn't repeat but it often rhymes.
Watch the weekly close. If we break the Aug lows with conviction, next support zone is way lower. If we hold and bounce here, could be setting up for another leg up like we saw in late summer.
Macro still matters more than technicals right now. Fed data, ETF flows, and funding rates are what actually move this market.
