First target hit after scaling into the WAVES during the bear market in the last 12 months

Daily Chart - While the blue SCMR reversal signal that printed yesterday was a good sign for XMRBTC

Daily Chart - While the blue SCMR reversal signal that printed yesterday was a good sign for XMRBTC

It comes as no surprise that bitcoin has been unable to break above the previously discussed 3600 $ resistance level over the past 24 hours considering how significant that area has become

Despite the relatively bullish setup that we discussed yesterday on the daily chart, the 3-day reinforces how bearish things are overall

Again, the fact that the prevailing LT trend remains down and most of the technicals remain bearish still point to the likelihood of another new cycle low before all is said and done, but we must admit that we are not as confident in that forecast as we were just a few short days ago.