In my last idea I was waiting to see if the channel would break down or if BTC would bounce up. On the daily the channel broke downwards.
So going to the monthly we can see that there is a high probability price will now go down to around the 31k support at least. Reasons for this are:
1. Double top
2. Bearish divergence on RSI
3. Bullish volume is dying out.
4. 50EMA support will be around 30k, maybe a bit lower.
There will almost certainly be a bounce up from the 50 EMA as this Ema has provided support for 5+ years. How far back up will this bounce go? Almost certainly to the 51k resistance as this is the 0.5/61.8 fib retrace level.
So going to the monthly we can see that there is a high probability price will now go down to around the 31k support at least. Reasons for this are:
1. Double top
2. Bearish divergence on RSI
3. Bullish volume is dying out.
4. 50EMA support will be around 30k, maybe a bit lower.
There will almost certainly be a bounce up from the 50 EMA as this Ema has provided support for 5+ years. How far back up will this bounce go? Almost certainly to the 51k resistance as this is the 0.5/61.8 fib retrace level.