Is there a Hope?

What a last few days of week it was.

US stock indexes are fell down, someone may say completely manipulative move.

But BTCUSDT was holding positions strong compare to S&P500. On a weekly chart its forming Hammer candle, which normally showing the reversal of the market.

Total MarketCap is above main orange trend line and possible can bounce up from local yellow trend line as well. Some wick down could be happen.

On a 3 days chart BTC broke ascending parallel channel - the closest area the price might go is ~37k usd - dotted white trendline.

The potential of movement down ~ 30k usd on a daily chart based on flag pattern. Will we see it now or once again the price will go to higher line of parallel channel?

At the same time daily chart is showing Divergence. And someone may hope BTC will reversal. I will consider it only when the price get back inside the parallel channel.

Until that I'm still waiting some leg down. The point to look at - POC level ~40100 usd. And also main level 40k usd.

COT report shows that the week April 12-19 Institutional investors were adding Long positions and overall Interest was rising.

Funding rate is negative at the moment, more traders are jumping into Shorts now. So Short squeeze before continuation of down side movement may happen.

At the same time on a big scale GOLD to BTC (3 days chart) may show some movement up till resistance area and bounce down. During that spike BTC may fall down till the values mentioned above.

Summary: remember about beige Book "rule" (it was in previous report) - there was never ricing BTC, on a history within last few years, after the report.