Yesterday I showed you very interesting scenario using Wyckoff methodology. I supposed that the Bitcoin is in large distribution phase and now the price is going probably to enter into markdown phase.
Let’s take a look at classical tools to try to anticipate what is coming next. On the 1D chart I drew the Fibonacci retracement for the last upside impulse. Until the BTC price is above the 1 Fibonacci level it is technically still in correction, not in the downtrend. But, we can see that the price easily broke down the Fibonacci golden pocket and formed the consolidation. It is the extremely bearish signal, which coincides with the sign of weakness from the Wyckoff approach. I suppose now the drop to the trendline, some bounce to the countertrend line 1 and the dump below $33k.
For the bullish forecast we should see the countertrend line 1 breakout at least. It is also good to see the countertrend line 2 breakout.