Candles speak $BTC is going lower, possibly much lower, but likely after a pause for a few days. The 1-, 2-, and 3-day candles/formations are not even remotely bullish. The chance of getting an ugly bearish weekly candle is increasing.
The target of $55-56.5k shared with the subscribers a few days ago has been achieved.
That was a quick summary – now let’s have a look at the details and waves.
The daily candle today is a typical bearish continuation candle that is well supported by multiple indicators. As it moved too fast and a bit too far, expect a pause for 1-2 days, most likely a horizontal or a slightly upward movement.
Be aware of numerous calls for bottom – they will likely be false at this point. The first bullish sign would be if a daily candle closes above at least $59k. I emphasized “closes” as the price could jump higher during the day, but the closing price is what matters the most.
The immediate move down is of lower probability as BTC is oversold on many lower frames and would require time to normalize indicators.
We identified the top within hours after it happened on November 10, once BTC and ETH placed the clear motive waves down. It was not surprise for the subscribers who were prepared for such event well in advance.
BTC continues to follow the path outlined several days ago and today it completed one more major formation that allows us to project the next moves and targets using other methodologies.
If you would like to continue reading and learn about the short and long term perspectives, please subscribe for Premium Content.
Read more of this content when you subscribe today.
Previous Monthly Analysis:
Follow the blog on Twitter @InvestingAngles or, if you want all posts in your inbox, by email.
As tweets are often buried among the other tweets on the topic and one is looking for regular updates, I recommend that you to sign to the email updates in the blog – every single post will be automatically sent to your inbox.