Crazy how perfect it is and measured move is confluent with the target of a huge Rising Wedge that broke down over weekend. But then fakeouts do happen but this is exactl where one would be looking to open shorts on this pattern (assuming 55h gets rejected and we get some confirmation like bearish engulfing candle on small timescale). I'm only saving this because I'm curious to see what happens. For sure bearish bias with daily Bearish Engulfing candle and first daily close below 50EMA in some 12 months. Looks almost too good to be true.
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The price is now very close to backtesting the triangle (around 55k, also psychological resistance). If it gets rejected here we could see a move down. Breaking above 55k invalidates this bearish argument.
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And we have a touch, backtest in progress. If TA and this pattern are respected it should get rejected and another leg down would follow. But BTC likes to defy all odds so who knows! Amazing ETH performance might be dragging BTC up with it somewhat.
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Rejected at the trendline, let's see if bulls make another attempt to break above 55k. No real edge for bears until candle close - momo on 1h about to go positive but momo on 4h about to go negative, potential bearish engulfing on 4h but bullish engulfing on 4h. No help on oscillators, just convergence all over the place.
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BTC making another attempt to get back in that triangle and clear that 55k resistance. Looking good but it needs to get above 56.2k in order to avoid bearish divergence on 1h so not totally out of the woods yet. Alts looking super strong.