After confirmation on the daily frame $BTC formed a Tower Top on the 3-day chart. The forecast was shared 12 days ago and this is how the chart looks now.
The Tower Top is supported by high volume, a bearish PSAR flip and a move below 8 EMA (3-daily). It looks like the coin is on track to confirm the top on the weekly frame this weekend.
The daily candle today is a typical indecision/consolidation doji. Lower volume, bearish PSAR, a bearish 8/20 EMA cross that happened just a few hours ago, RSI below 50 and a few other indicators – all are the attributes of a healthy bearish consolidation.
The consolidation is likely to continue for 1-2 days before the next move down.
From yesterday’s update: “…confirmed a significant top on the daily frame, almost did so on the 2-day frame and is on track for the same on the 3-day frame. If this move down continues, the weekly candle would be epic.”
The top that was identified within hours after it happened on November 10 is becoming a major one. It should not be a surprise for the subscribers who were warned over the last several weeks about the possibility of the major reversal at $68k level and the significance of such event.
From the waves perspective, BTC is following the path that was outlined several days ago.
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