Re: 0.618 fib retracement @ $48.5K achieved: Is this is the local top?
Just going to leave this chart here is an update, given that the week is currently turning bearish after reaching the 0.618 fib retracement level:
Even with a rebound back to resistance levels around $47K I'm struggling to have a bullish outlook for the immediate term. There was already the bearish divergences on most time-frames, which isn't much to acknowledge without any confirmation of downside price action, but today there has certainly been some confirmation. Based on Coinbase volume, this week is now the worst sell-off since 2022.
I feel that all we can hope for is a miracle right now. A strong rebound over the weekend back to resistance levels for a more neutral weekly candle, followed by a dose of hopium.
Even with a rebound back to resistance levels around $47K I'm struggling to have a bullish outlook for the immediate term. There was already the bearish divergences on most time-frames, which isn't much to acknowledge without any confirmation of downside price action, but today there has certainly been some confirmation. Based on Coinbase volume, this week is now the worst sell-off since 2022.
I feel that all we can hope for is a miracle right now. A strong rebound over the weekend back to resistance levels for a more neutral weekly candle, followed by a dose of hopium.
Obvious gravestone Doji, so this was the top for now. Will test support at 32k, and later at 25k, which I believe is quite strong.