Allow me to explain, BTC has had a major push to 69K on 10Th November, since then we've been slowly bleeding to as low as 42k.
Sure we had a few pull backs but nothing major, and every time we get a pull back it doesn't really break any resistance points.
Historically during every dip, we get flash crashes but we can also see a retest to those levels before any significant rallys to the upside.
BTC crashed to 30k in May, then retested those levels after two months of crab market, leading to a 29.4k drop before rallying to 50k.
BTC dipped again on launch of El Salvador's wallet, from 52k to 46.8k, which was again retested 13 days later.
Similar retests can be seen on Jan 2021 and Dec 2017. If you look at the BTC/USDT chart from Binance, we never failed to retest a long wick to the downside, ever.
And now we have a 42k wick, but haven't retested the level yet, which is why I'm expecting a dip to the downside before any significant rallys.
History often doesn't repeat itself, but it rhymes.
TL;DR: Bearish on BTC till we retest 42k.
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