Bitcoin's Worst Week Since May 2021... What To Expect Next?

5 Ağu

The worst week in 2024? Not really, we just saw the worst week since May 2021.

➖ Can you explain?
➖ What will happen now?
➖ Panic?

Let's dive in but first...

How are you feeling today?

By the time you read this, it is likely going to be Monday.
Yesterday Bitcoin closed the weekly session and this session produced the worst week of the year so far, and the worst week since May 2021.

➖ Total loss in a single candle amounts to 18.49% (-18.5%) from peak to bottom.
➖ Total loss from the session open to its close amounts to 14.78% (-15%). A $10,000 USD drop in 7 days.

➖ What does it mean?
➖ What to make of this information and what to expect next?

Before this super-negative week, Bitcoin produced a classic price "bounce."
Each time an important support level is challenged a natural reaction tends to happen in the opposite direction. That is, Bitcoin hit a lower low on the 1st of July and then a bounce quickly followed that pushed prices toward 70K. At 70K we saw a strong rejection, massive selling pressure and a lower high confirmed.

This is the first negative week after three green weeks, which means that this is likely only the beginning of the bearish action. We are now entering a very strong bearish impulse.

➖ The first correction of the year lasted 8 weeks.
➖ The second correction lasted 4 weeks.

👉 In this case, we can assume a length of 4-8 weeks for this bearish wave.
So we can easily see 6 weeks of red, without counting the week that just closed. This is just an estimation/projection; it can be less, it can be more.

👉 We continue bearish on Bitcoin and the Cryptocurrency market as a whole.

Namaste.