There is something that is concerning on the Bitcoin chart right now and its this chart.
There is a weekly fakout on $BTC , You can also call it SFP.
Historically, if we look at the last few years of data, the weekly fake-outs have played out pretty damn well. Every time there was a weekly fake-out, we saw Bitcoin move in the opposite direction.
The 2021 top was also after a fake-out. So it is something not to be ignored.
My thoughts on the market
I personally don't think the top is in yet, I always say one candle isn't enough to decide what the future will be, I pay more attention to the structure and its still bullish.
Not sure if it will just be a shallow pullback and Bitcoin maintains the price above $112K, or if it will be a deep pullback to the $100K–108K zone. But I think as long as the structure is intact, the market looks fine to me. Everyone was too excited about Altseason last week. Market makers will always shake out the late buyers.
I don’t think the market has topped yet we haven’t seen anything crazy so far. Ethereum is still below its 2021 ATH. Most altcoins are still struggling. This isn’t how market tops usually look.
The last part of the cycle is usually full of excitement, euphoria, and big moves. I don’t think we’ve seen that yet.
I might be wrong, and I would love to hear your thoughts.
