R/S Flip at $69k Invalidated
Updated
That's the second wick below 69k in 3 days. Based on the number of times that has happened since BTC first engaged with the 2021 Top in March, it's a good indication that price is likely to go down further.
The next levels of technical support are at the 2021 Mid-Cycle Top at 64.8k and the 21-Week Moving Average, currently around 62.7k
The next levels of technical support are at the 2021 Mid-Cycle Top at 64.8k and the 21-Week Moving Average, currently around 62.7k
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A lot has happened since the original analysis. The election day rally, aka The Trump Pump has pushed price past the 2021 Top at 69k up to 99.8k, and while this looks to be a valid R/S flip at 69k, it's worth noting that price never went back to retest. While I had hoped to see that retest materialize, history as recent as the breakout moves from the 
25K - 30k range and the 40k - 45k range indicate that waiting on that retest has a huge opportunity cost because it simply may not happen.
That said, the R/S Flip at 69k still serves as the strongest technical support in the chart, and it will remain a valid target for a support test in future corrections and bear cycles.
Opinions only. No Financial Advice.
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