If you still believe $BTC is going up, well… This is the weekly candle that has just been printed on investing.com (they do it on Saturdays). I just added a few visual touches to help better understand this mix of bearish candle formations. Hammer, Bearish Engulfing, and a 7-week Tower Top with an option to form Three Black Crows next week – there is nothing bullish even remotely.
On this “optimistic” note, let’s discuss the coin from different angles – the candles, TA and Elliott waves perspectives.
The weekly analysis with Long Term Forecast can be viewed here:
This daily overview contains:
– daily candle charts – analysis of candles and technical events;
– detailed hourly EW chart and an updated mid term projection;
– forecast for this week – possible targets and timing.
After a very strong red candle BTC expectedly paused. The small green candle is bearish and does not indicate any intention of rally. The coin is well below 8 EMA and is battling over the 100 DMA. The buying volume is not there yet.
As long as the daily candles close below approximately $56.5k, the bears are in charge.
Tomorrow is the weekly closure on most exchanges and Sunday will be an interesting day.
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