Today BTC confirmed the Dark Cloud Cover of yesterday. If it makes a new low by Saturday close, it would open a path to steep decline. Let’s have a look at the details.
Today’s candle confirmed Dark Cloud of Wednesday and also closed below 8 EMA line. This is very bearish and it is aligned with the somewhat similar moves in other major cryptocurrencies.
– Another similar red candle tomorrow would make a Three Black Crows, elevating the bearish odds.
– A green candle closing above 35k would make a reversal attempt, but this scenario is of low probability.
Saturday’s weekly closure becomes critically important for the direction and the next targets.
On the chart below the wave I am tracking since Jun 26. So far, it hit all classical Fibonacci levels and ratios. If the wave downwards is wave iii indeed, the minimal target would be below 20k, the long term support. Let’s see how it unfolds in the next two days.
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