This is how BITCOIN turns it around!

This analysis is based on the short term price movements of Bitcoin since the 13700 rejection and aims to indicate the pressure points that support and those that reject the price action.

4H is a Channel Down with very symmetrical Lower Lows, Lower Highs (27 and 25 bars respectively). The price has been so far rejected twice on the 0.618 Fibonacci retracement level. Assuming this holds and another 27 bar Lower Low is given, the price may approach the 9,400 - 9,200 level before making another attempt to break the Channel to the upside.

In this whole process, the 8,875 level provides support but being the support line of the June 16 - 20 consolidation, it is in danger of getting tested as the previous support line (bold black) did. The MA200 also has a supporting role.

Every such bias is negated if the 100% Fibonacci level breaks, which is currently 12,400.

So traders/ investors with a short term time frame may wait for this break out as confirmation that the long term bullish trend is resumed.

Always keep in mind that we are only at the start of the new long term bull cycle and buying on dips (bigger time frames) is the most optimal strategy in the process to accumulate.