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The daily closing confirms the break below; this wave of bearish structure is quite standard, waiting for a low point to sweep out.
Yesterday, I pointed out the bear flag that had formed on the higher timeframes.
Now price has broken below the bear flag support and validated the breakout with a daily close below it.
This is extremely bearish, as it makes a sweep of the lows highly likely.
As explained before, the technical target of the pattern would be around 50k.
Let’s see where this takes us.