Bitcoin / BTCUSD has completed 9 days of failing to cross above its 1day MA200 after the first May 6th test.
Continuous failure indicates absence of buying power to make this decisive breakout.
Since that was also the top of the Bearish Megaphone (essentially the Bear Cycle), it is highly likely to see the conclusion of this 3 month Bear Flag and the start of another fast corrective move.
The prior ones reached the 2.618 Fibonacci extension. Even if the potentially new one only reaches the 1.618 Fibonacci, Bitcoin will hit 50000.
