And there we go, Bitcoin has tapped back into the FVG I mentioned and has continued to go lower.
Is it over yet? Nope.
The end target for me is another lower low. But, of course there might be volatility along the way, for example, a retest back onto the closest resistance zone.
Whatever happens in between, the end target is clear for me.
The small breakout I mentioned is playing out right now.
However, it's moving quite slow and that concerns me.
In the daily, price is actually forming a penant pattern, marked by the blue trendlines. Is it a bullish or a bearish one? Well, since the trend is bearish, its most likely the latter.
So for me, the purple FVG stands as the last support level, break below it, and the bearish penant will play out.
Bitcoin's selling pressure is too immense that the technical rebound I outline did not play out.
Although there's a big chance it will come around the corner, but what I wanted to see is an immediate buying pressure to offset some of that bearish pressure.
Zooming out from this timeframe, we can see that price has just fell below from its bearish flag pattern, leaving a massive bearish FVG in the last candle.
That bearish FVG is going to be the sideways range as a bearish retest, before the next bearish continuation.
Bitcoin turns out to be more weak than i thought, with price already forming a lower low without the retest back to it's resistance zone.
Now, we should see a technical rebound, which is the result of a super oversold price action.
However, the path after remains bearish. I won't be surprised to see the white bearish trendline get broken through, just to head lower again afterwards.