This chart is the INVERTED chart of $BTC, meaning that the lower the chart goes, the higher the price of $BTC. So Bulls want this chart to fall. I have labeled this one in a detailed manner. The 1st thing one should notice is that we have a clear distribution pattern on this chart. However, the MOST important thing to note is the Line below ($57K area). That is the Bears last stand. If Bulls can manage to take price to that level and beyond, $BTC will make a new ATH. PERIOD.
However, if price goes up on this chart and we break $39K on a weekly close, Bear are in total control. The battle zone has also been labeled. That zone is between the .618 FIb and .786 Fib on the "right side up" chart. Until we clear that level, a winner can not be declared between the Bulls or the Bears. It is my personal (and humble) opinion that the Bulls will win this battle, in part due to the EW structure and the cycle length. We are missing a clear Fifth wave higher and if April/May were the top, it would be the shortest Bull cycle in $BTC. I do not believe that to be the case. :)
However, if price goes up on this chart and we break $39K on a weekly close, Bear are in total control. The battle zone has also been labeled. That zone is between the .618 FIb and .786 Fib on the "right side up" chart. Until we clear that level, a winner can not be declared between the Bulls or the Bears. It is my personal (and humble) opinion that the Bulls will win this battle, in part due to the EW structure and the cycle length. We are missing a clear Fifth wave higher and if April/May were the top, it would be the shortest Bull cycle in $BTC. I do not believe that to be the case. :)
JT