BTC has hit expected resistance around 47k from the PoC of the volume profile of the drawdown since the ATH to the Jan. 24 low of 33k . If BTC breaks the recent retest of the 55D HMA it will increase the probability of at least retesting 39k . The BBWP indicator below confirmed the end of the recent uptrend, suggesting BTC will at least consolidate for a while

I have doubt that we’ll revisit sub 39k in one candle given how long BTC’s bearish sentiment has been since the ATH. But if we do break down 39k , these are the support levels to look out for: 33k-35k, 30k, 27k , and 23k . I have my EW targets set there as I believe the range is a bearish triangle pattern ending on the 47k PoC. Nonetheless, it is a bit worrisome to see coins distributed recently from whales.

Short trade:
Entry:45.8k
SL: 49k
TP:39K

Support and Resistance Levels are noted on the chart. Green levels are support, and red is resistance. All other colors are areas of interest that could signify a major
price reaction.