BITCOIN: CANDLES SPEAK: 18.03.2021

Yesterday I forecast:

  1. If BTC closes above 60141.10, I would be expecting a new higher high, possibly in 68000-72000 area.
  2. If BTC closes below 60141.10, there is a good chance of a strong wave down, targeted to 53000-51000 area, possibly lower.

BTC today seemed to pick the bearish path, elevating the bearish odds about a possible major reversal.

Forecast

I view that the coin should be moving down to the target area 53500-47000. The area is somewhat wide and I have not enough information yet to project with greater accuracy.

The critical point would the the weekly closure on Saturday:

  1. If BTC closes below 55051.00, the mid point of the large green candle of previous week, it would make a Dark Cloud Cover, a rather powerful combo, on the weekly time frame.
  2. If BTC closes above 55051.00, there would be a chance of bullish continuation. Though I view the odds as very slim.
  3. If BTC closes below 48895.00 making a Bearish Engulfing, it would be going much lower.

I hope to have enough data on Saturday to make a more accurate forecast.

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