Bitcoin BEARISH - BTC Strong Resistance On Weekly TF

16 Ara 2024

Bitcoin has reached strong resistance on the weekly TF. The resistance line goes the whole way back to 2017. So it's very reliable. A strong move downwards is very likely!

Based on previous times this line was tested, Bitcoin could fall 50% or more. However, the 74000-75000 level looks like a good support level. This would be about a 30% drop which is still very significant.

I expect profit taking very soon and short sellers to come in. There could possibly even be global headline news to cause this drop.

Be very careful in buying near the tops. Trade with your brain and not emotions. This is only an idea and anything can happen, but it's a weekly chart and seems very reliable.

19 Ara 2024

İşlem aktif

The screenshot predicted the top in Bitcoin almost exactly. Bitcoin fell $10000 since my idea was published.

Be careful buying the dips since Bitcoin has potential to fall even more. Especially if the psychological 100K level fails to hold, Bitcoin has a strong chance of falling to the 74k-75k level as the screenshot shows.

29 Ara 2024

Not

There is only 2 more days before the close of the month. If Bitcoin fails to close above the $100000 level, which is a strong psychological level, the level will act like resistance and Bitcoin should fall hard from this alone.

There is also a Head and Shoulders pattern forming on the daily chart. If the neckline breaks, Bitcoin should fall down to at least $76000. Based on my previous 4 hour and weekly charts, I do expect the neckline to break.