The weekly price action is completing a double top formation and daily price confirmed bearish outlook with lower high.
Expecting the price to drop to $440 area, and given that its weekly tf forming double top, price will probably go even lower to areas of support like around $410.
The price drop slowed down on an all time low demand zone. And as per the price action, it seems we might see a small trend reversal up to $70 area where the price will hit strong supply area.
But if the price closes below $60, we will have to reconsider our entries.
Seems like price just completed the 5th wave just below the resistance area. And if thats the case then we will be seeing a continuation to A, B and C legs to fully complete this wave and start a new one.
The price established itself on a strong demand zone and seems like its going to make some gains up to $543,000 area.
Upon reaching that area the price might break through the supply zone, in which case we can expect a rally to the last high of $566,000.
Or else, the trend will reverse back to its current point.
There is a very real chance Bitcoin will get rejected the 3d time from the supply area, which is coinciding with the upper limit of the channel.
This rejection will cause the price to drop to $25000, thus forming a head and shoulders pattern in daily and weekly timeframes. And it wont look good from there as its very likely $25000 wont hold for too long,...
Trend seems to be reversing around this demand area. Potential entry points here would be $27, $26, $25 depending on how the price behaves at each level.
Upon reversal I expect the price to hit $30 or $32 where we reconsider our position, again, depending on the price movement.