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The Saga of Market Struggles
In last week’s market commentary, The Aftermath of a Bloody Week, we noted that “when price spends an extended period consolidating with many failed breakout or breakdown attempts, once price successfully breaks the range, you can typically expect some type of continuation in that direction.”
We saw this price action play out over the last week with BTC initially breaking down around 7%, before dropping another ~6% to the downside in the next few sessions, for a total drawdown of ~13% from the previous range lows. It remains to be seen if the low near $39.5K is the local bottom, but price has rebounded nicely off the third level of intere