Following this descending channel on the 4hr time frame since the ATH, we see that each week when the price has dropped through the weekly pivot point it has hit the S1 each time before recovering. This week we haven't been able to hold at the weekly pivot, so down to 28k we go...
From that point, there should be enough interest to recover and hopefully break out of this channel hitting 33k, then 37k, then new ATH. If not it looks like we finally enter into bearish territory on the longer time frames.
From that point, there should be enough interest to recover and hopefully break out of this channel hitting 33k, then 37k, then new ATH. If not it looks like we finally enter into bearish territory on the longer time frames.