As projected yesterday, BTC moved down today. However, the closure was rather indecisive from the candles perspective. I say that both bulls and bears have equal chances at this point. While there is a substantial bearish pressure on the longer time frames, the trend could reverse and resume its bullish advance.
On the 1hr chart below I indicated an inflection area, marked by a red rectangle. If the coin advances above 48000-49000, the odds will become bullish. If BTC is rejected at this level, it would fall rather sharply, most likely in the defined channel.
The behavior at the inflection point would be crucial for printing the weekly and monthly candles on the weekend. I am watching closely and plan to share my monthly/weekly update on the weekend.
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