BTC update

Hello traders,

Sharing my thoughts on #BTC daily and hourly. IF you like my analysis please like and follow. If you don't just comment what your opinion is, feedback is always appreciated.

Drew a simple ray line that can be interpreded in multiple ways, so i added a trend fib that only uses
0.33 , 0.5 and 0.66 in order to make some sense of the chart. For the moment it ways more about the
possible downsides than the upsides.

Also notice that we have a divergence in the wavetrends on the daily, looks scary but the way the
wave opened on the downside tells us that the interest in selling is low at the moment.

No notable order blocks formed, the institutions are laying low at the moment.

Candle formation and volume:

I need to say that the fact that we are still in this formation and we haven't dropped yet
can mean we go further. As an extra, it's looking like the price is consolidating above the trendline.

Volume wise, the effort seems to be decreasing with time, which can be normal when the market needs to cool down, and frankly that was needed after the previous run.


On the 1 hr chart we can notice some interesting characteristics.
Noted the way i drew the fib so you can understand my logic.


- The fib i drew from the previous formation makes sense in the current ascending pattern
with the 2 fib capping the price at $28605
- we are plotting higher lows but we can expect a retest of "support line a"
- we have a double top formation on the "resistance line a"
- we have high sell volume at the top of the range , makes me think we are not yet
prepared to break out, we would need that effort sustained in order to break
- when we look at volume we can see that there is more effort put in selling than in buying,
if we were to put the same effort in buying this would probably lead to a breakout.


Conclusion:

I think a retest of the 0.66 on the daily is possible, that would take out some early longs. but my sentiment is bullish in the mid term.