There is a very interesting development in BTC happening right now. The Saturday’s Spinning Top seemed to be a harbinger for a sharp reversal (red oval on the chart).
Today BTC has a chance to complete Tower Top (blue oval), a very strong reversal combo.
If the stock closes today below 51079.00, I would be expecting it to drop to 28000-30000 area in the next few days/weeks (blue arrow).
If the stock closes above 51079.00, there is a good chance for a continued rally to approximately 66000 in the next few days/weeks (green arrow).
A real inflection point from the candles perspective. Let’s see how it resolves.
8:20 PM EST – Quick Update
Though BTC closed today above 51079.00, the lower time frames indicate a lot of bearish pressure. The level remains critical for the next few days: if stock closes a daily candle below 51079.00, expect a move towards 28000-30000.