BITCOIN: CANDLES SPEAK: 16.03.2021

Today’s daily BTC candle did not make a long red one, thus failed to complete the Three Black Crows.
Today’s green candle can be viewed as a pause/consolidation before another push lower. The candles on the smaller time frames – 5, 2, 1 hr – seem to support the continued move down.

Forecast

I am thinking of two scenarios for the next 1-2 days. I indicated them on the chart above.

  1. Light blue. The coin could move down and reverse without making a new low. In this case it could revisit 56000-58000 area (alt B/2)
  2. Blue. If the coin falls through the support by making a new low, there is a possibility of decline to 49000-44000. I marked the target with a rectangle and C/3.
  3. There is also a bullish option if the coin closes tomorrow above 60141. In this case the bullish trend would resume. Though I view the chances as rather slim.

Let’s see how the coin develops overnight. Tomorrow could be an interesting day.

%d bloggers like this: