Good Morning Traders,<br /><br />I promised a mid-week update if Bitcoin didn't follow price action as I anticipated. It certainly did not. In fact, we are drawing close to a territory that concerns me. More on that below. But first, let's review what didn't happen:<br /><br />[*] BTC did not remain above the 100 day<br />[*] BTC did not remain above the .618 fib retracement level<br />[*] BTC did not ascend to an anticipated price zone I had circled above in the last chart.<br /><br />Ok. So now, we must reanalyze our charts based on the new price action and chart data we are observing. I've made note of the key items that I believe are the most significant on the chart. Some of these are bullish variables, and some are bearish.<br /><br />Let's start with the bearish:<br /><br />[*] The list above plus,<br />[*] We are deep in the FUD Zone, which if you zoom out on the daily could, in fact, be a longer-term bear flag from my H&S pattern which has yet to be completely invalidated. Yikes! Let's hope this is not the case.<br />[*] We are getting too close for comfort to my long-trending yearly support line in the sand which today sits right around 38,500<br />[*] We are below a fairly strong support level at 40,700 which will now act as overhead resistance<br />[*] There is the potential that these last two green candles formed on the daily are simply the formation of a new bear flag, in which case, it might move us down further to a re-test of our yearly support.<br /><br />As you all know, I absolutely DO NOT want us to test that support again. We have now tested this support nearly a dozen and a half times since Jan. and with each test/re-test, that support will become weeker and weeker. I do not know that it will hold should we get another re-test on it! If we break it, down we'll go!<br /><br />Now the bullish indicators:<br /><br />[*] We bounced at the 80% fib retracement level. This level was drawn from the move up starting on March 14th to it's end at the 200 day ma on March 28th.<br />[*] Not testing our yearly support again can also be viewed as positive (though, being so close is not necessarily bullish).<br />[*] A look at the U.S. dollar chart indicates we are overdue for a pullback on dollar strength. This pullback, should it come, would give BTC the break it needs to move higher.<br /><br /><a href="https://www.tradingview.com/x/VhoobAog/" target="_blank" rel="nofollow">https://www.tradingview.com/x/VhoobAog/</a><br /><br />These are the details that I mainly wanted to relay to you all for now. I will do a video in a bit, reviewing this data and providing clarity for those of you that appreciate it.<br /><br />Hope this helps a bit. Best to you all. Be cautious and careful with your trades for now. The direction is uncertain.<br /><br />- Stew<br /><br />⛓️ 🔗 Useful Links 🔗 ⛓️<br /><br />(NEW) My Trade Tracker:<br /><a href="https://docs.google.com/spreadsheets/d/1viRw7nLCIHk2iByzrG7Wk2cSXmKsno2ZZK1ZuEJaP-A/edit?usp=sharing" target="_blank" rel="nofollow">https://docs.google.com/spreadsheets/d/1viRw7nLCIHk2iByzrG7Wk2cSXmKsno2ZZK1ZuEJaP-A/edit?usp=sharing</a><br /><br />My Subscription Site:<br /><a href="https://stewdam.us" target="_blank" rel="nofollow">https://stewdam.us</a><br /><br />All My Socials:<br /><a href="https://www.s" target="_blank" rel="nofollow">https://www.s</a><br />...<br /><a href="https://www.youtube.com/watch?v=dajG046Mqvw" target="_blank" rel="nofollow">https://www.youtube.com/watch?v=dajG046Mqvw</a>