BTC/USD Short-Term Retrace to $19.7k or lower
BTC broke below its local channel and is now sitting below a few confluent resistance factors.
Namely it currently resides below the .618 of the Top to Bottom move we saw just yesterday and this .618 is confluent with not only the VAH (Value Area High) of the range, but also the 1H Timeframe Mean line.
These three factors make me quite confident that any bullish price action over the following day will be backtests of these now resistance lines and the most likely outcome is that Bitcoin will drop to retest 20k but will fall into its lower macro VAL at 19.7k
Namely it currently resides below the .618 of the Top to Bottom move we saw just yesterday and this .618 is confluent with not only the VAH (Value Area High) of the range, but also the 1H Timeframe Mean line.
These three factors make me quite confident that any bullish price action over the following day will be backtests of these now resistance lines and the most likely outcome is that Bitcoin will drop to retest 20k but will fall into its lower macro VAL at 19.7k
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