Unless the previous lower high, from market structure, at the 9.8 k region is broken, the daily trend is bearish. Price just created a new lower low and we are now seeing the retracement between the 61.8 and 78.6 Fibonacci level. Will need to look four reversal patterns on the 4 hour chart, more than likely around our the monthly level at 9.2k . If the market were to reverse here, in my opinion it will, we would then target the region between the 27.2 and 41.4 corresponding fib extensions at 4.2k to 4.8k.
My analysis for a continuation of the bear trend also has some fundamental merit. The ETF's, allowing for a surge of capital from the average investor, are being delayed for several months and this was not really news, as this was always a possibility under SEC rules. The news surrounding the ETF decision and also the coinbase possible additions are news events without real merit of impacting the market immediately. In my opinion these news events are correlated with the recent bullish surge from 5.8k to where we are at now, but there was a purpose to them. The market is still very manipulative by whales, and we have yet to see the influx of capital suggesting a reversal of this extended bear market. We've seen rumors of institutional capital, and nothing but positive news in terms of adoption and technology improvements. Yet I think this is exactly why price will drop one more time allowing for the major financial players to get in at significantly reduced price, and at the meantime destroy the average investors confidence. I am permanently bullish on BTC and the technology behind it. This will be the internet of money.