🅱️ Bitcoin Weekly | Denial (Time To Hold or Sell?)

➖ Bitcoin is now red for the fifth week in a row.
➖ Confirmation is no longer needed, the market is about to sell-off.

We are looking at Bitcoin on the weekly timeframe.

Notice how the week just started and we already have a full red candle. Normally we get the first half of the week green and the second red, on a normal week. This change in behaviour is indicative that the wait is over.

➖ BTCUSD is now trading weekly below EMA10, so the bearish potential is now fully confirmed based on technical analysis. Support was lost when Bitcoin moved below the $62,500-$63,000 price range.

👉 If Bitcoin stays below EMA10, trading below $62,000, we can expect the next low to come in quick. And this drop will push prices toward 52K with a wick that can hit below it, to around 50K.

👉 This is only the initial drop which is developing now, we can expect the main support range to sit around $42,000 and $44,000... It can go much lower than what most people are expecting and that's the exciting part; There is no way to tell how far down it can go.

It can go down to just $55,000, just as it can go down as low as $18,000... Everything goes.

Regardless of the size of the correction, after support is found Bitcoin will go up.

What is two, three, four, five or six months?
It is nothing, just a short wait...

It is time to hold!

Namaste.