Big Bear Alert! $BTC closed the week with a bearish Engulfing candle on high volume. Along the way it flipped PSAR bearish and pushed the price just a few points below 8 EMA in the last minutes before the cut-off. The set of technical indicators that I monitor support a move lower, perhaps much lower.
Bearish Engulfing typically does not require a confirmation candle as its bearish odds are considered high enough.
Just for a reference, this particular BTC weekly candle is technically stronger than the one that triggered a 15-month bear market in gold in August 2020.
This weekly overview contains:
– daily and weekly candle charts – analysis of candles and technical events;
– weekly EW chart and a long term forecast;
– detailed hourly EW chart and a short term projection;
– classical patterns;
– forecast for the next week and beyond.
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