A new swing/local top has been formed at $24692, there is a valid count for a WXY correction to the upside to have been completed. Future price action will confirm if $24692 will hold as a correction completion; notably price hit the ~1.236 fib extension at $24692 precisely before sharp rejection occured in a impulsive manner. For the bears, this could be a short oppurtunity with some strong resistance forming at the $24000 region, price attempted to breakout above the blue orderblock; however, was quickly rejected and closed below which gives further reason for future bearish price action.
Additionally, resistance seems to be forming around the ~1:1 fib extension at $23460, Confirmation of a 5 wave structure forming to the downside marked in black could give rise for short oppurtunities upon a following retracement. This would confirm a larger Macro Move to the downside; with Bitcoin sentiment and risk assets being very shaky this could give rise to larger selloffs. But as always wait for confirmation.
For the bulls price would need to get back above the $23800-24200 region and close.
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Additionally, resistance seems to be forming around the ~1:1 fib extension at $23460, Confirmation of a 5 wave structure forming to the downside marked in black could give rise for short oppurtunities upon a following retracement. This would confirm a larger Macro Move to the downside; with Bitcoin sentiment and risk assets being very shaky this could give rise to larger selloffs. But as always wait for confirmation.
For the bulls price would need to get back above the $23800-24200 region and close.
If you would like up to date analysis, please like and follow!