BITCOIN: CANDLES SPEAK: 25.03.2021

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

  1. If BTC closes on Saturday between 55051 and 48895, I would expect a continued decline for at least one week.
  2. 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.
  3. 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.

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