BITCOIN: Weekly: 24.04.2021

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The week was remarkable – Bitcoin followed the weekly and daily forecasts with great accuracy, and I think it is on its way to much lower levels. Let’s explore the charts on various time frames.

Monthly

The April candle (that will be printed on April 30) threatens to make a Dark Cloud Cover or even a Bearish Engulfing. A strong reversal in RSI seems to support the hypothesis. Bears are ready to make a major statement on April 30.

Weekly

The weekly candle is a very strong Bearish Maribozu that followed a Gravestone Doji of last week. Should this week closed below 48895, it would have formed a Tower Top. Supported by RSI and MACD, the odds are strongly on the dark side, suggesting the continued move southbound.
I would like to emphasize again, compared to 2017, the “overbought” level is higher and stronger now.

Daily

The daily is strongly bearish. A Tower Top followed by Three Black Crows and another Three Black Crows points down.

The daily chart below remains unchanged for the week.

Musings

Based on all information, I think of two most probable scenarios:

  1. Green Counts.
    The coin tries to complete wave v of C of (A) in green rectangle early next week. Target 48000-43000.
    After that it could start a long and painful wave (B) that would be very complex and extremely difficult to forecast. I think that it could retrace to no higher than 53000.
    Wave (B) is expected for about 2 weeks.
    After wave (B), a sharp and furious wave (C) with the target 29000.
    I view this scenario as more probable at this point.
  2. Immediate wave down.
    There is a possibility that the structure over the last two days was an extension and wave C of (A) continues below 43000. In this case BTC could fall immediately to 29000.

    The next two-three days would reveal the nature of the next wave down and I hope I would be able to make a decision between two options. Please follow my daily Candles Speak on BTC.

There is no change to my long term forecast. I am reposting it without any changes to graphics and counts. It is worth noting how MACD line crossed the signal line this week.

Thank you for reading. As I mentioned already, my blog became a Twitterer and you can follow it @InvestingAngles.

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