Today BTC broke through 51500, the level I was talking about for a few days. I will be turning very bearish if the coin closes even lower tomorrow. Let’s have a look at the possible monthly and weekly combos.
A week ago I was talking about a possible monthly hammer. Now there is a good chance of a Dark Cloud Cover or even Bearish Engulfing that would greatly increase the bearish odds.
This weekly candle has all chances to complete a Tower Top if closes below 48895. This would be very bearish.
The daily cascaded with Bearish Engulfing, Tower Top, and Three Black Crows. There is a high probability of a second Three Black Crows on Friday with a closure below 50 MA. If it happens – expect a meltdown.
From previous forecasts: “Once wave B is complete, expect wave C with the preliminary targets 48000-43000.“
There is a very high chance that wave C in green is underway. Once the wave C completes, possibly, this would be just the first wave (A) of a much bigger and longer corrective action. This week candle would be very important for this part of forecast.
Note that there is a very tiny possibility that the coin decides for another swing to 57000-58000 area (marked as Alt B in red), before starting wave C.
The most recent Long Term Forecast – April 18:
The first forecast of the upcoming correction – March 24: