Chart speaks for itself. BTC's longer-term bullish structure (yellow channel) still intact but currently trading in the downward pink channel and has lost momentum.
This could possibly be reaccumulation on the longer time frame before a large price move to the upside.
Indicators are suggesting a potential bounce play but I would negate that if price closes below this $8700 price level which I would then anticipate much lower price levels in the near future, as from experience BTC loves to dump hard when respecting long-term resistance levels.
Macro structure does suggests bearish move over time, but if this price move makes a close above the $9800 price level then that would break the overall bearish structure and be very very bullish for bitcoin, in which I would at that point anticipate a large breakout to the upside but I will explore that idea as time passes.
Let me know what you think. Safe trading, cheers.
This could possibly be reaccumulation on the longer time frame before a large price move to the upside.
Indicators are suggesting a potential bounce play but I would negate that if price closes below this $8700 price level which I would then anticipate much lower price levels in the near future, as from experience BTC loves to dump hard when respecting long-term resistance levels.
Macro structure does suggests bearish move over time, but if this price move makes a close above the $9800 price level then that would break the overall bearish structure and be very very bullish for bitcoin, in which I would at that point anticipate a large breakout to the upside but I will explore that idea as time passes.
Let me know what you think. Safe trading, cheers.