Price action pulled back to the dynamic neckline resistance from the major Head and Shoulders in formation. From the chart pattern perspective, this phase can considered a important turn-point, which psychological terms can rise interests for the bearish-side and growth of bearishness of market. In addiction, retroactive Fibonacci retracement potential fractal suggest a 88.6% targe in decline to fill in confluence to the potential double-down correction from this H&S. Classical short setup. In addiction, a strong reaction by buyers HODLers can be expected in a potential bounce from the Anchored VWAP of 2018 low, which is a strong area of interest / equilibrium to fill. If the price breaks-down the demand, a new phase of bearish leg-downwards / collapse can plays-out, which will lead us to a capitulate.
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Elliot Wave-based macro overview. BTCUSD seems to be able to conclude it's first macro wave in a contracting ending diagonal. It's pattern can lead price above 100000 before a huge bear-market that will form the macro-wave 2. To anticipate this pattern is necessary to wait the ascend trendline to be formed from the next bottom of this micro phase. This scenario can be confirmed after a weekly higher low from bottom. For now, on daily chart - as we can see above -, the price tends to fill an expanded ending diagonal (megaphone formation) with a possible lower low @ 11000 level.