I revised my pitchfork to show more accurate support & resistance levels. Right now BTC is trying hard to hold the lower pitchfork near 46660 w/c also coincides with Fibonacci 0.786 retracement & ma200 areas.
Every rally seems to be rejected by 52k & the bears push it down. Failure to hold 46k may see a waterfall drop to 42-40k zone where we will get a bounce.
However, I still believe that it will be a bear trap just like 2 times in the past when BTC fell to 10k & also 28k.
If BTC gets out of current 46k to 52k consolidation range, it will still be rejected down at the 56k to 57k take-profit zone.
Every rally seems to be rejected by 52k & the bears push it down. Failure to hold 46k may see a waterfall drop to 42-40k zone where we will get a bounce.
However, I still believe that it will be a bear trap just like 2 times in the past when BTC fell to 10k & also 28k.
If BTC gets out of current 46k to 52k consolidation range, it will still be rejected down at the 56k to 57k take-profit zone.
Comment:
Money Flow Index started getting bigger red. Money flowing out despite the recent bullish divergence in Market Cipher Wave recently signaling a buy.(green dots & the black divergence line). The situation is neutral to bearish as the cipher waves seems to fall again below the zero line.