I don't like smaller bearish time-frames in macro-uptrends, it feels counter-productive and off-putting for generic dip buying and leads to wanting "the best price" and "the bottom". Others will be placing bids around $30K hoping to buy what they missed and were too scared to acquire, the same old story recycling itself. However, I wouldn't be surprised to see a re-test of $36,500 (the green box), where price found strong support. This comes after rejection from the lowest MA, given these moving averages are in bearish formation:
https://i.imgur.com/KiHs1Ui.pngMarch déjà vu still very much present. If the same occurs again, we will re-test this support and confirm it in order to move higher. A temporary rejection from the macro 0.618 fib level is of little relevance to this time-frame, so worth ignorng. Instead I'd argue it's the signal to buy once broken above for those wanting to play a safer hand. We've had the shake-out on the Weekly time-frame, the ripple effect of a shake-out on the 4hr to confirm support would be completely normal.
BTFD
