BTCUSDT not looking that bright

Never good to reject under a trendline, especially one that is in confluence with a big fib and another horizontal trendline.

A retrace is forming now and the bears are looking for their shot to make $15k possible.

We are now just shy below the 200 MA and on the 12h chart that is huge. It means that positions can now be SHORT biased, or in other words that we will be looking to open shorts for the time the price spends under this moving average. It seems simple, it is simple and many traders are biased by this, so if we close below we have can start looking for confirmations in other indicators or metrics .

The bright side:

In the case we do break the ascending red trendline and confluence with the fib which is less likely to happen we will then head straight to test the $46900 level, then retrace (maybe not all the way back to the 0.38 fib) and then continue on the upside.

My projection ends at the 0.618 fib because many things can happen here.

Clear signals will be coming on the Sublime traders channels, keep safe