Inexperienced traders will call this bearish candle manipulation. But this is basically a continuation of counter-trend (overall bitcoin is bullish ; bull market) in accordance with the Elliott Wave Theory. Simply, we just experienced a bearish impulse where the 3rd wave is usually the longest so we can expect more strong bearish movements as price moves after consolidation. Also, the bitcoin market contrasted with the dollar index ( DXY ) shows a correlation where both moves against each other which implies as DXY moves higher, BTC will continue to move lower while trying to create new lows.

Do you think price can sweep the lows of $28615?