Currently forming a bear flag on the weekly time frame. BTC making lower highs since topping out on the 4488 level.
Price action is looking quite bearish as seen by the rejection off the order blocks.
The bullish OB (white box) is the only thing holding up the ship before another fall to the 3600 level.
Looking at the pattern that is being printed (double top formation), I am expecting a breakdown of the previous yearly low. The next level of support is 3000. There is major horizontal support and confluence with the 200 weekly moving average, but the 2400-2500 level is where I am really looking to place low risk longs.
I believe my previous broadening descending wedge idea is not invalidated, just that it went more sideways than I anticipated before the ultimate breakdown. Again, taking into account manipulation and liquidity spikes is not easy on BTC, which is why it's best to look at the weekly time frame to view the more concrete trend, which is still heavily bearish above all else.
Price action is looking quite bearish as seen by the rejection off the order blocks.
The bullish OB (white box) is the only thing holding up the ship before another fall to the 3600 level.
Looking at the pattern that is being printed (double top formation), I am expecting a breakdown of the previous yearly low. The next level of support is 3000. There is major horizontal support and confluence with the 200 weekly moving average, but the 2400-2500 level is where I am really looking to place low risk longs.
I believe my previous broadening descending wedge idea is not invalidated, just that it went more sideways than I anticipated before the ultimate breakdown. Again, taking into account manipulation and liquidity spikes is not easy on BTC, which is why it's best to look at the weekly time frame to view the more concrete trend, which is still heavily bearish above all else.