BTC is sitting right at the local 0.618 Fibonacci level, and this area is lining up with a hidden bearish divergence on momentum.
Hidden bearish divergence is developing on the momentum oscillator
The larger structure still resembles a major Head & Shoulders
The neckline has already been tested and broken/reclaimed multiple times
A confirmed breakdown of the current structure would open the door to the larger measured move
If the major H&S plays out, the measured target lands around $36K.
I’m watching the ~$74K area closely. A clean breakout and acceptance above the local .618 would weaken/invalidate the immediate bearish thesis, while rejection here followed by a loss of the local structure would strengthen it.
Levels I’m watching:
Resistance: ~$74K–$80K
Major downside target: ~$36K
Not a prediction that BTC must hit $36K — just the measured target of the larger structure if it confirms.