BITCOIN: CANDLES SPEAK: 26.04.2021


I view that the first wave down completed and reversed yesterday. The daily candle today made a solid statement by Bullish Engulfing and BTC seems to be following my Option 1 forecast that I outlined in the Weekly on Saturday.

Forecast

  1. If the candle tomorrow is green and closes above ~55000-55500, I would consider that the correction is over and BTC is on its way to another All Time High.
  2. If the candle tomorrow is red and closes below ~53300, I would view that the coin is taking a pause (that could last over a week) before resuming its move down.

I charted a possible path for #2. I think it is more probable than #1 due to a significant bearish pressure on the monthly and weekly frames. In light of that, the monthly closure on April 30 becomes crucial.

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