Current structure shows similarity to the previous top at 5k:
-Both show bearish divergence in the daily charts.
-Both proceeded to reach further highs from a bullish hammer.
Similar to the previous correction downwards to 5k, a break of the bullish trendline here would give further confirmation that a possible correction to retest the previous all time high (5k) may most likely happen.
Possible further correction to 4400-4700 is probable if more panic sets in due to some possible "bad news."
Overall, I'm bearish on BTC as long as we don't open and close daily above 5830-5900.
-Both show bearish divergence in the daily charts.
-Both proceeded to reach further highs from a bullish hammer.
Similar to the previous correction downwards to 5k, a break of the bullish trendline here would give further confirmation that a possible correction to retest the previous all time high (5k) may most likely happen.
Possible further correction to 4400-4700 is probable if more panic sets in due to some possible "bad news."
Overall, I'm bearish on BTC as long as we don't open and close daily above 5830-5900.
