BTC Update!
Well jumping off charts from about 24 hours ago where I had laid out bullish and bearish scenarios across weekly, daily, and 4 hour chart. And all of the bear scenarios have now played out.
Weekly chart has lost it's higher lows with a fall this morning below $6,450 after initially bouncing off $6,450. Candle could certainly close above but the equilibrium pattern for me is now played out. Positive of the scenario is we did break when RSI's were already oversold so is currently limiting any major drop below here.
Unfortunately it just continues to look like bear flag after bear flag lately with RSI's cooling off just enough to then let prices drop another leg down.
Bulls are certainly beat up pretty badly so be sure to watch for the true fear/throwing in the towel/Hodlers panic selling out of positions, etc and that may give us the sign the bottom is coming.
I remain all cash and will sit and watch until the trend appears to be shifting or ideally we see a true capitulation candle for reversal in price.
On daily chart, I did adjust a potential support line off the bodies of candles. I personally prefer wicks so will not pay too much attention but if bulls are looking for some type of catching support nearby, that's really all I can see. I am patiently waiting for a more likely break below $6k at some point. Certainly doesn't have to happen but just not seeing signs that we have bottomed at this point.
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