Until the last hour before the closure I was thinking about a possibility of reversal. However, it looked like the last hour sealed the deal and the coin closed with a standard bearish continuation candle. In addition, a bearish daily 8/20 EMA cross appeared on the chart in this last hour, meaning that the pressure is definitely bearish.
Options for Friday and Saturday
- If BTC closes on Saturday between 55051 and 48895, I would expect a continued decline for at least one week.
- If BTC closes on Saturday below 48895, it would confirm the Dark Cloud Cover on the weekly chart. I would buckle up for a multi-week/month bear market.
- If BTC closes above 55051, there would be a chance for a new high in the near term.
Once we have the weekly on Saturday, the monthly and quarterly candles on March 31, I would be able to project the path for BTC with greater accuracy.