Note, this is an inverted Chart. Kind of a thought experiment i like to do from time to time to check my bias.
In this context, you can see how BTC formed that lower consolidation in February.
We broke the supply line, and the range highs, but never got a proper backtest.
BTC consolidated a bit around 28800 and then broke out again where we have been unable to put in a higher high with Bearish divergence on the oscillators.
Id consider that last bit of price action above that 18900 level, the upthrust where shorts wouldve been built further using the breach of the range as a way of stopping out early shorts and enticing bulls (remember this is inverted)
If we were to break down from here i think we would be heading back to 28800 to complete the broader ABC after distributing the end of this market cycle.
If we are unable to hold the 28800 level, id expect to see a retest of either the highs at 34400, or the lower range we broke out of in May around 36600
In this context, you can see how BTC formed that lower consolidation in February.
We broke the supply line, and the range highs, but never got a proper backtest.
BTC consolidated a bit around 28800 and then broke out again where we have been unable to put in a higher high with Bearish divergence on the oscillators.
Id consider that last bit of price action above that 18900 level, the upthrust where shorts wouldve been built further using the breach of the range as a way of stopping out early shorts and enticing bulls (remember this is inverted)
If we were to break down from here i think we would be heading back to 28800 to complete the broader ABC after distributing the end of this market cycle.
If we are unable to hold the 28800 level, id expect to see a retest of either the highs at 34400, or the lower range we broke out of in May around 36600