BTC resilient despite signs of distribution and -D
Just marked the chart up with Wyckoff style distribution pattern marked and of course, the current state of negative divergence across multiple highs. Not a great backdrop for bulls, but this can all change as we recently bounced off the near term last point of supply, and of course if we break the RSI trendline to the upside.
Comment:
No signs of bullish conviction yet and we may just be retesting Last Point of Supply. RSI remains below trend. Best case scenario is price meanders around this level or perhaps rallies a bit before one last test of LPSY while finally working off the oversold condition. Otherwise I think quite possible we retest 43k-ish.