BITCOIN: CANDLES SPEAK (+LT Forecast): 24.03.2021

Today’s BTC candle indicated an increasing bearish pressure.

If we look at the daily chart, we can see that the last three candles closed below the 8 EMA line and it looks like the 8/20 EMA cross should happen tomorrow on on Friday.

On the weekly chart, the price is getting closer to 48895.00 level. If BTC closes below 48895 on Saturday, it would mean a confirmed Dark Cloud Cover on the weekly time frame that would most likely be followed by multiple weeks (possibly months) of decline.

The monthly chart so far indicates a lot of selling pressure. However, there is now a real possibility of closure with a Hammer or a Gravestone Doji.

On the short term chart below I indicated the area of critical development by the blue rectangle. There are two major options that I can see.
If the price falls to 50000-46000, then pauses and continues lower, I would expect a multi-month correction as possibly deep as 29000.
If the price bounces off 50000-46000 in a motive fashion, there is a possibility of the end of correction. Though I view the odds of it as low at this point.

I charted a long term forecast for the possible targets for this correction. They are preliminary and I am planning to post a large writeup on Bitcoin once the monthly and quarterly candles are known on March 31 (similar to what I posted for NASDAQ last weekend ).

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