In a previous idea, , a 1.0 Fib Extension was indicating that a reversal could occur near 6250. While the price action briefly looked like the sharp beginning of a bounce, the rise was quickly overwhelmed by bearish pressure, and I think a little bit more time will completely invalidate this swing idea.
So, what's next? Since BTC's monthly MACD is now bearish, I zoomed out from the daily chart to the weekly chart to look for a stronger area for reversal, still using the 1.0 Fib Extension of the previous retracement.
What does this mean?
Look for typical bounce areas between the current price and 4750 to be choppy due to strong bearish pressure suppressing bounces.
Look for a bounce and a multi-day swing at the 4750 area.