BTC1! updated and documented:

Price hit a 108.960$ high on CME, only 40$ away from the 109K level shared in August, reacting exceptionally and correcting a -15%.

It's still early to determine if this is the macro top or not, but if we switch to LTFs we can observe potential signs of distribution after a bearish 3 drives, the one that has led to the recent correction.

In the coming weeks, depending on the ability from the price to not create a macro BOS ruining the structure, we may see the formation of the UTAD typical of the classic Wyckoff distribution scheme, likely deviating above the range and sending BTC toward 115/120K.

If this happens, once at new highs, the price should stay above the resistance for days or weeks attracting a new wave of buyers convinced that BTC is primed to skyrocket. 

After a series of tests, price should sink back below the prior peak heading back to the support and becoming persistently weaker, confirming the downtrend.

This scenario would imply another test of the USDT D at 3.80% that, after a proper mitigation, should not hold pushing it to the 3.30% where we have the untested multi-day OB. 

This is the best outcome we can see and the one that can provide a solid exit strategy + some ideal good short setups.

Of course, once again, this is not the time to buy or hold Bitcoin but to take profits If you didn't before and monitor the situation step by step.