4 hour chart posted here. Chart explained in colors:
Blue: Two (large) bear flags drawn, one smaller than the other. However, if the smaller and more well formed one breaks down, it could in theory simultaneous confirm the larger one. We're currently floating with the bottom of the flag with both, but would probably want to wait for a low from the flag pole to confirm.
With the black, red, and purple I just wanna point out some things to watch for in the upcoming days. In red, a very small hidden bearish divergence shown recently; a larger bearish divergence shown days ago. The larger one broke down to and bounced from 8400. From here, in black, BTC bounced off the MACD zero line. This bounce, in turn, caused RSI to bounce off the oversold line and one the next candle a failure swing (purple arrows) was confirmed preceding the recovery to 9.75k (and almost up to 10k if you held awhile longer).
What I'm watching for: to see if the small hidden bearish divergence plays out at all, causing BTC to drop. Then, evaluate what happens with the MACD at that point: if it flips red, it could precede the smaller bear flag breaking down, which would include a break down of the log resistance and likely cause the larger bear flag along with double top from 11.75k to truly confirm... Yikes. Look out below if ALL that happens. All those targets probably won't hit before another substantial bounce (keep an eye on MACD/RSI on different time spans), but would still probably at least be a lower low.
However, on the bright side, if it bounces off the MACD/log support again we could see a bounce as high as 10k+... with the larger bear flag still in play, unfortunately. RSI on that bounce could actually approach overbought, and if it did I'd then start watching for a bearish failure swing.
If that hidden bearish divergence doesn't play out I'd start looking elsewhere for a larger hidden bearish divergence (like from the previous near 10k bounce to wherever the theoretical bounce ends).
Overall: I'm waiting and seeing currently but trending bearish. On the bright side, log support (not pictured) seems to be pretty strong and the RSI has room to go up still. Could maybe see some symmetric triangles that break up, and hourly MACD has given some bounces so that helps. Would also be super bullish if the MACD bounces, and we break out of the forming large bear flag and then go retest ATH log resistance, as unlikely as that is.
Blue: Two (large) bear flags drawn, one smaller than the other. However, if the smaller and more well formed one breaks down, it could in theory simultaneous confirm the larger one. We're currently floating with the bottom of the flag with both, but would probably want to wait for a low from the flag pole to confirm.
With the black, red, and purple I just wanna point out some things to watch for in the upcoming days. In red, a very small hidden bearish divergence shown recently; a larger bearish divergence shown days ago. The larger one broke down to and bounced from 8400. From here, in black, BTC bounced off the MACD zero line. This bounce, in turn, caused RSI to bounce off the oversold line and one the next candle a failure swing (purple arrows) was confirmed preceding the recovery to 9.75k (and almost up to 10k if you held awhile longer).
What I'm watching for: to see if the small hidden bearish divergence plays out at all, causing BTC to drop. Then, evaluate what happens with the MACD at that point: if it flips red, it could precede the smaller bear flag breaking down, which would include a break down of the log resistance and likely cause the larger bear flag along with double top from 11.75k to truly confirm... Yikes. Look out below if ALL that happens. All those targets probably won't hit before another substantial bounce (keep an eye on MACD/RSI on different time spans), but would still probably at least be a lower low.
However, on the bright side, if it bounces off the MACD/log support again we could see a bounce as high as 10k+... with the larger bear flag still in play, unfortunately. RSI on that bounce could actually approach overbought, and if it did I'd then start watching for a bearish failure swing.
If that hidden bearish divergence doesn't play out I'd start looking elsewhere for a larger hidden bearish divergence (like from the previous near 10k bounce to wherever the theoretical bounce ends).
Overall: I'm waiting and seeing currently but trending bearish. On the bright side, log support (not pictured) seems to be pretty strong and the RSI has room to go up still. Could maybe see some symmetric triangles that break up, and hourly MACD has given some bounces so that helps. Would also be super bullish if the MACD bounces, and we break out of the forming large bear flag and then go retest ATH log resistance, as unlikely as that is.