good evening,

looks like the attempt at the short squeeze has failed, and it was almost expected.

—

>BTC broke down below a key algorithmic weekly channel.
>playing out a sequence of bearish impulses to the downside.

few key levels to keep an eye on:
24~25k (monthly 55ema)
24k = -0.236 of wave 5 of the impulse going down.
23k = 100% extension of the larger move down from 68k
21k = Michael Saylor gets a margin call
19k = 123.60% extension of the larger move
14.6k = 1.618% extension, aka expansion target.

where it stops is beyond me, but i can theorize try at ever level with a very tight stop.

ps. there is a full moon on 515, a historical indication of a local bottom bullish reversal.
ps.2. despite the 60% decline since november, people still seem to be bullish (myself included lol), which makes me think there’s more pain to come. when despair sets in, the bottom will be near.

✌