Here's the thing... Bitcoin looks quite good here as it tries to reclaim its 55-day EMA (red). I've been calling for a relief rally for quite some time and it keeps taking much longer than I've expected, with each attempt fading. I'm targeting the 200-day EMA (green). But... When I first shared that relief rally target, it was around $76k. Today, it's $72k. By definition, this means that upside today is quite limited. Currently +12% implied upside. I don't think any of us are going to get excited by that. What should get us excited? The opportunity to retest the 200-day EMA, break above it, and flip it into support for a potential bullish trend reversal. That's what I'm hoping to see. But a lot of work needs to happen between now and then. Embrace nuance.(Caleb Franzen)