Big Decision Level for BTC.
Updated
In the impressive historic breakouts we've usually seen BTC very strong out of the retest of the previous high.
We're retesting this level now and what happens in the near future I think is likely to dictate action for a while. If we can make a clean break of the high a new uptrend is on and if the attempts at it end in wicks that can be warnings of a bigger drop to come.
Even in an overall bullish analysis it'd still be possible to make a good case for a retest of 40K or so before a bigger run up. If we were to take the view 2022 was the big correction and new trend legs are starting. Usually in that we'd have a bigger pullback.
If the continuation trade in BTC does not work then this might turn out to be a false breakout. False breakouts are nasty affairs. Price can come down really quickly off them.
I think this is a really important area. On small charts the action looks like a bearish downtrend. Things can change really quickly so there's no point reading too much into that right now. What is extremely likely, though, is if this is a false breakout there'll be a really sharp bear break. That's almost always the result of false breakouts.
We're retesting this level now and what happens in the near future I think is likely to dictate action for a while. If we can make a clean break of the high a new uptrend is on and if the attempts at it end in wicks that can be warnings of a bigger drop to come.
Even in an overall bullish analysis it'd still be possible to make a good case for a retest of 40K or so before a bigger run up. If we were to take the view 2022 was the big correction and new trend legs are starting. Usually in that we'd have a bigger pullback.
If the continuation trade in BTC does not work then this might turn out to be a false breakout. False breakouts are nasty affairs. Price can come down really quickly off them.
I think this is a really important area. On small charts the action looks like a bearish downtrend. Things can change really quickly so there's no point reading too much into that right now. What is extremely likely, though, is if this is a false breakout there'll be a really sharp bear break. That's almost always the result of false breakouts.
Note
This would be the spot where we'd expect to see the decision made I think. Note
Based on simple PA observations this looks quite bearish with potential to look really bearish soon. We had the big drop to support and wick off it.
This had the potential to be the slingshot that sent this into the rally setting consistent new highs.
Instead, we're selling through it.
Can't say too much while the candle is running but if this closes strong down / breaks last low, typically very bearish signal.
Note
Price action continues to be obviously bearish on the daily chart. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.