In a previous post I flagged up the 1.61 inflection point in BTC.
After barcoding in this zone for a while we now have the early signs of rejection of the 1.61.
In this type of setup the 1.27 becomes pivotal. Either we hold this area (with a small spike under) as support and then we rally to the 2.20 fib or the failure of this level is the failure of the uptrend.
Looking mighty sketchy for a break now.
50K would be the capitulation target on a break.
Catatan
Another way to look at the same idea. In basic trend development, typically a failure of a bullish butterfly at this stage opens up the way to capitulation.
Has worked in most historic crashes.
A little lower and this triggers.
One could argue it has already triggered and we're inside the final retracement.
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