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While bulls celebrate local bounces, this logarithmic channel setup on $BTC is signaling a macro correction targeting key Fibonacci retracement levels.
After peaking near the top channel boundary at $127,390.9 , price broke down through intermediate support and is now testing the 0.236 Fib level around $77,621.8 . The failure to hold upper range structure confirms a macro corrective cycle unfolding inside the multi-year channel.
Rejection beneath $77,621.8 opens sequential downside targets at the 0.382 Fib at $57,132.0 , followed by the 0.5 Fib at $44,596.7 and 0.618 Fib at $34,811.7 . Reclaiming and holding above $77,621.8 is required to invalidate the macro correction thesis and rebuild bullish momentum.
Don't ignore logarithmic channel boundaries—macro Fibonacci levels guide deep market corrections.
#BTC #Bitcoin #CryptoAnalysis #TechnicalAnalysis