We’ve tagged our 39.6k level nicely for a potential inverse h/s. RSI is seeing a cross on the 4h and we have a td9 on the 4h, so chances of movement up here in the short term is quite good.

Also this sell spike has really solidified the bullish divergence we’ve been seeing on the sell pressure side: as the price increases the sell pressure has decreased, while buy pressure started picking up. Very interesting as this usually points to sell pressure weakening.

This is why our short term sentiment is now neutral rather than bearish .

If we get a bounce here we want to watch 42k as the next point of interest. it’s our volume point of control since the start of the year, has a lot of historical movement and as we all know 42 is the answer to the ultimate question.

Failure to hold this level – we move to 38k as our next point of interest. But as stated above – we’re getting to heavy reversal territory on BTC .