BITCOIN: CANDLES SPEAK: 28.04.2021

Today BTC failed to close above the daily 20 EMA again and I think that, as predicted, it is going to take a pause for a week or so before resuming the downtrend.

Forecast

  1. I think that the coin is going to bounce in the small green rectangle, charting the wave (B).
  2. A closure above the daily 20 EMA, green line, with a confirmation would mean a resumed bullish rally to the new All Time High. Until this happens, the bearish scenarios are in play.
  3. There is a chance that wave (B) completed and BTC is in wave (C). However, the chances are rather slim at this point.

The chart below remains unchanged – the same graphics as charted two days ago.

There is a very interesting formation in the monthly and weekly candles – I will try to share my musings the day before the month end and want to emphasize that the monthly closure on April 30 will be crucial.

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