Short

BTCUSD short for now

Updated

BTC hitting strong resistance @ 6900 USD

Testing resistance around 7200 USD multiple times

Death cross 100/200 SMA on the daily

Ichmoku cloud showing resistance on the daily

however, bullish on the higher time frames as we might break this resistance in the coming weeks

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TP 5600 USD possible long hunter wicks to the upside

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strong overhead resistance @ 7400

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BTC macro structure outlook

-- appears to be forming falling wedge
-- getting heavy resistance from the 0.382 fib retrace
-- above a daily 9 based on TD sequential

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Macro view on the daily

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hopefully we wont go this low but certainly a possibility given the continuation pattern for a falling wedge

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broke out of the rising wedge
forming lower highs in a downward channel
let's see if we can break through the 7200 region first
otherwise, its more downward price action from here

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lower half of rising channel or upper half of falling channel
only time will tell

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same fractals in play here

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broke out of ascending channel but getting resistance from .618 fib

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rejected by key resistance @ 9400 and back in the rising channel high probability of more downside action to back test the initial break out

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uptrend continuation or new downtrend?

mrmtech

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