BTC showdown this weekend?
As I said last time guys, BTC is in the most dangerous Bear Market phase to date.
As you can see we are on the support created by the Shadows on the Weekly chart, always around 30k, with the difference that before they were shadows and today we are with the body of the candle at these levels making the price normal and not oversold.
The danger is that below this price on the weekly chart, which is stronger than the daily chart, we have no clusters and we would easily slide the price to 20k with a loss of more than 30%, hopefully not!
On the weekly we have 2 candle stick Inverted hummer (2nd yet to be confirmed) which could bring the price back to the first red line next week around 32k, but if something doesn't change guys for BTC this would be the 4th touch below 29k with the body and as many of you know the 4th touch on a support / resistance is rare because with each touch these supports and resistances weaken causing a rise or rise in the price by breaking them.
I HOPE NOT, but I believe that if some bullish news does not arrive this touch could be the fatal one and bring the price initially between 24 / 25k which in the daily has old trading clusters (18-29 DEC 2020) that lateralize BTC on these prices.
At this precise moment with today's candle we broke the vertex of this small double top created in recent days, unfortunately a bearish signal.
No MA is on our side in the Daily
PS: The lost correlation with the NASDAQ over the past few days BTC remains weaker
What do you think?
As you can see we are on the support created by the Shadows on the Weekly chart, always around 30k, with the difference that before they were shadows and today we are with the body of the candle at these levels making the price normal and not oversold.
The danger is that below this price on the weekly chart, which is stronger than the daily chart, we have no clusters and we would easily slide the price to 20k with a loss of more than 30%, hopefully not!
On the weekly we have 2 candle stick Inverted hummer (2nd yet to be confirmed) which could bring the price back to the first red line next week around 32k, but if something doesn't change guys for BTC this would be the 4th touch below 29k with the body and as many of you know the 4th touch on a support / resistance is rare because with each touch these supports and resistances weaken causing a rise or rise in the price by breaking them.
I HOPE NOT, but I believe that if some bullish news does not arrive this touch could be the fatal one and bring the price initially between 24 / 25k which in the daily has old trading clusters (18-29 DEC 2020) that lateralize BTC on these prices.
At this precise moment with today's candle we broke the vertex of this small double top created in recent days, unfortunately a bearish signal.
No MA is on our side in the Daily
PS: The lost correlation with the NASDAQ over the past few days BTC remains weaker
What do you think?
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