Perhaps Biggest BTC Decision Ever at 70K BTC now trades at a really interesting level where one would fairly make a case for a few different technical outcomes likely if we dumped again to 70K.
There are three things that would make sense inside the knowns of trend development;
1 - We are making a pullback of the last leg (bullish overall).
2 - We are in a bearish wave 4, about to spike out (bull near term, bearish overall).
3 - We are in a larger chart rejection (super bearish, bounce patterns fail).
The case for 70K hitting here I think is good. When we look at the fibs from the low to the high of the rally we can see we have bonces a bit above the 61 fib. The 61 fib is rarely the reversal level. It's a popularly known fib but I find more often it fakes a reversal and then puts in a spike move to the 76. So in the bull setup here usually one flush to go.
Even in a moderate bear setup here where a reversal was slowly building, we'd be inside of the wave 4 zone now. There would be a spike lower to come but a sharp bull trap.
Basically, either way you slice it there is a confluence of strong bounce patterns at 70K on the daily chart. If these bounce patterns fail, this is telling us we're likely in a bigger chart sell pattern.
And that would typically express itself as monthly chart capitulation candles.
