Last week I forecast that BTC this week would drop to the area of 32000-29900. Well, it hit 28989 few hours ago.
Tomorrow is the end of week and I am seeing possibilities for the very bearish candles to be developed on the weekly and daily charts.
– If tomorrow closes below the Double Top neck line as I pointed on the daily chart, the stock could follow down to at least 22000 in the nearest future, possibly the next week.
– If the weekly candle closes below 29178, the January low, as indicated on the weekly chart, it would signify completion of a major top from the candles perspective. If this happens, I would be expecting a multi-week, possibly a multi-month, correction.
At this point is a bit premature to discuss the possible red count on the weekly chart, however, the aggressiveness of the downfall in the last two weeks might bring this into my focus.
I will try to post a more comprehensive report over the weekend, once the weekly prints are complete.