Shakeout in progress…Weak Bullish Divergence RSI

Shakeout is in progress. Price action has broken through $40K support line and has broken the local .786 fib extension heading toward the .618 fib on relatively weak volume. Divergence is barely noticeable on the RSI. And we wait for the JAC and BUEC.

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Shakeout appears to be complete on the 4hr, breaking support on the local .618 fib extension. Price action also found support at the intersection point of the .5 fib extension and the demand line of $35K. Now we wait for negative momentum on the MACD to decrease, increase in positive volume, JAC and Backtest. There is the possibility that the cycle breaks to the downside if negative momentum continues to the downside to rebound at local fib extension of .236 to $32K.