Hi Traders, Investors and Speculators of Charts 📈📉
After closely monitoring the market trends following our previous idea of shorting until the 25K support zone, it has become apparent that there is a notable increase in selling activity. Despite witnessing a decent rebound initially, it was met with an equivalent level of selling pressure, resulting in the price experiencing a downward trajectory with lower highs.
Furthermore, it is crucial to take into account the occurrence of a multiple bearish patterns in the daily (short term) timeframe including a double top, Head and Shoulders pattern and Bearish M patterns. These technical chart-analysis patterns typically indicates a reversal in the price trend and suggests a bearish outlook for the short term. It implies that the market has made two unsuccessful attempts to surpass a certain price level, highlighting the presence of significant selling pressure and a potential decrease in investor confidence.
NOTE that although I am still bearish for the SHORT term, I remain bullish in my macro perspective.
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From the Fibonacci Retracement Macro perspective, we can see the price is still in the upper resistance zone; right underneath the 1.618. What we DO NOT want to see from the monthly timeframe is a close UNDER the support at roughly 25K. This would drive the price down to find more buying pressure around 20K.