#BTC #UPDATE - Yesterday's update played out nicely, with a retest at 8022. Respecting levels well, price rebounded with another inverse V to 8200 at the lows of the wave 3 impulse then ended up back at wave 3 range lows.
While we have now made a HL, this is our 3rd tap on the level with decreasing bounce volume therefore there is increasing likelihood of it breaking. The upper V retested on low tf decreasing the need to go back up there although we left a minor untested level at 8125.
On the bulls' side, of note, you can see while we still are making lower highs, they are becoming relatively "less low" in relation to the last. Although in contrast on the bears' side, note the gradient of the down swings still exceeds that of the upswings.
Together these two things tell me that bears are still pushing down faster than bulls push back up, however bears are becoming less inclined to sell at these lower prices.
All things considered, while bulls are pushing back to a degree, I remain 60:40 bearish here. I expect to be testing 7910 again soon, and I am still expecting to take out the wicks below 7480.
Seems I lost a couple of levels from my chart so I have replaced them and this chart is a quick reminder of the ranges I am looking at from the bull move.
While we have now made a HL, this is our 3rd tap on the level with decreasing bounce volume therefore there is increasing likelihood of it breaking. The upper V retested on low tf decreasing the need to go back up there although we left a minor untested level at 8125.
On the bulls' side, of note, you can see while we still are making lower highs, they are becoming relatively "less low" in relation to the last. Although in contrast on the bears' side, note the gradient of the down swings still exceeds that of the upswings.
Together these two things tell me that bears are still pushing down faster than bulls push back up, however bears are becoming less inclined to sell at these lower prices.
All things considered, while bulls are pushing back to a degree, I remain 60:40 bearish here. I expect to be testing 7910 again soon, and I am still expecting to take out the wicks below 7480.
Seems I lost a couple of levels from my chart so I have replaced them and this chart is a quick reminder of the ranges I am looking at from the bull move.
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