My take on short-term Bitcoin $BTC price action👇

Lost horizontal support (in yellow). If it stays below by daily close (8pm EST) it increases the probability that price can retrace to the $108K–$111K range where there’s substantial confluence and it finds a bottom:
- 55d EMA
- 0.5–0.618 Fib retracement zone
- Bottom of lower bollinger band
- Projected target by losing the support

This zone would be a logical liquidity magnet, and a technical back-test of the breakout region from earlier this month. This is NOT a bearish outlook just a constructive retracement within a healthy uptrend to take out leveraged longs

I think this will play out because TMO is declining, with no sign of reversal yet so momentum (in short-term) remains weak and the bearish divergences that were forming are also now playing out. We're just seeing a simple mean reversion and period of consolidation

Macro structure is unchanged for me we’re still in an expansion phase on higher timeframes.

Stay patient. Be grateful Mr. Market is giving you a Bitcoin discount