I would like to provide a quick update on the weekly candle.
Today BTC closed the week by a very strong Bearish Engulfing that closed below the previous week low.
From the candles perspective, it means that there is over 80% probability that the coin will see the lower prices for at least 1 week. Most likely – for multiple weeks or even months.
The Engulfing happened with RSI breaking down the 70 level after completing the Head and shoulders formation. This is considered a supporting factor for Engulfing.
Buckle up for a ride down.
I will share my Monthly and Weekly update tomorrow, after the monthly candle is printed.