BTC is in the process of developing a bearish butterfly pattern on 2 hourly, If you look at the pattern entry point, That level is a strong supply zone and we will most likely dump down from that level towards $40k. I do have a speculative theory though I really don't believe on speculations AT ALL but my speculative theory has some reasoning to it. From November until now the lowest price BTC touched was $33k afterwards next support was made at $36.8k. Moreover we made another support at $37.5k and now we are in the process of making 
39K a strong level and next in line would be $40.5k which is TP2 of this harmonic. These supports are already there but my point is that every time a lowest point was touched, It would not repeat again. We saw $34.4k wick on 24th feb but that end up closing at $38.4k. This is just a mere speculative theory so don't take that as a universal truth :)
39K a strong level and next in line would be $40.5k which is TP2 of this harmonic. These supports are already there but my point is that every time a lowest point was touched, It would not repeat again. We saw $34.4k wick on 24th feb but that end up closing at $38.4k. This is just a mere speculative theory so don't take that as a universal truth :)
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