Yesterday $BTC completed a major bearish technical event on the weekly frame. It is often overlooked and underestimated. It is powerful as a standalone event, but when it is combined with a weekly bearish Engulfing combo that seems to be just 24 hours away from forming, the outcome would be almost guaranteed. Down.
Of course there is enough time for miracles – the whole 24 hours – so let’s patiently wait.
This daily overview contains:
– daily and weekly candle charts and analysis;
– hourly EW chart and mid-term projection;
– forecast for the next 1-2 weeks – targets and timing.
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This narrative was shared with the subscribers on November 16 when BTC was $59.6k:
“Based on the Fib levels and on the projected pennant, the next target area – $55-56.5k. Based on the channel, it could be hit in the next 12-24 hours.
After that, expect a corrective wave 4 that could take 2-3 days to fully develop. Possible shapes – a flat or a triangle. Target for wave 4 – $59-61. If it goes higher than $61, it could mean a rally. But we would know earlier, based on the character of the wave.”
This has been “check” and “check”, including timing.
The whole post and the detailed roadmap can be viewed here:
Previous Monthly Analysis:
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