$BTC got rejected exactly from the upper blue trendline, just as we discussed.
We also had that bearish divergence on the daily timeframe, and so far, it’s playing out perfectly. Price has now broken below the short-term support and is currently looking like a retest.
Until we get a reclaim and close back above that local support, the RSI and overall structure continue to favor more downside.
If the retest fails, $70,050 (0.5 Fibonacci) is the next major level I’m watching.
Let’s see how it plays out. I’ll keep updating if anything changes.
Follow for more updates.
#bitcoin
We also had that bearish divergence on the daily timeframe, and so far, it’s playing out perfectly. Price has now broken below the short-term support and is currently looking like a retest.
Until we get a reclaim and close back above that local support, the RSI and overall structure continue to favor more downside.
If the retest fails, $70,050 (0.5 Fibonacci) is the next major level I’m watching.
Let’s see how it plays out. I’ll keep updating if anything changes.
Follow for more updates.
#bitcoin
