$BTC has closed daily below long-term mid-channel and has reached critical zone to either negate the Troy Polamalu of Head & Shoulders on the weekly or confirm bearish continuation.
Double top with loss of support became bell weather with selling pressure likely to continue.
100 EMA continues to inch closer to the "death cross" with 200 EMA.
A bounce to invalidate will require turning $52.8k into support within the next week.
More likely scenario remains previously defined levels ($38k, $35k, $30k) if reversal is not achieved.
Overall macro environment remains overheated, expected total market correction continues to be a concern.
Double top with loss of support became bell weather with selling pressure likely to continue.
100 EMA continues to inch closer to the "death cross" with 200 EMA.
A bounce to invalidate will require turning $52.8k into support within the next week.
More likely scenario remains previously defined levels ($38k, $35k, $30k) if reversal is not achieved.
Overall macro environment remains overheated, expected total market correction continues to be a concern.
