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BTC seems to be in a range on the weekly timeframe. We see a classic pattern where the previous drop is being tested. If this level holds where it is, we could see a drop in Bitcoin back to $40,000.
What do we see? In March 21, 2021, and November 29, 2021, we saw the last highs before the drop. The November 29 high was broken above by the current level in 2024, but we see a pullback on the weekly below this level.
This is an indication that we could see BTC dropping. The pattern forming is also the beginning of a range on the weekly timeframe. We have a high established and a low at this point. We also see a wave pattern on the weekly within the possible range.
In terms of candle patterns, the current pattern seems to be forming an evening star. This will be confirmed by the end of this week. The end of the week will also be an indicator if we will see strong downward movement in favor of the bears.
The doji indicates a strong battle between the buyers and sellers to keep the level above the high on November 29. A close below the doji would be good; a close equal to or below the bull candle or somewhere into the wick will be even better. At this point, it can still go either way, but to me, it seems to lean more towards bearish strength.
On the ADX, the ADX seems to show strong bull power at this point, but we do see a slight dip in the line. This could be an early indication for next week's turn. We can use lower time frames, maybe daily or 4-hour, to confirm this on Friday.
The RSI is way oversold. The evening star pattern, coupled with this, supports the sell position even more.
Final point:
At this point, all indicators are pointing to a sell in Bitcoin.
The range setup we are seeing forming, the RSI being oversold, the ADX showing slight signs of a dip in bull strength, the wave pattern also showing we could see a sell, and the evening star that will be confirmed on Monday but lower time frames can strengthen the possibility for early entry points.
The high wave of doji showing a strong battle between the bulls and bears, and at this point, the bulls seem to be losing, and we could see the bears taking over again.
Thanks, guys.
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BTC seems to be in a range on the weekly timeframe. We see a classic pattern where the previous drop is being tested. If this level holds where it is, we could see a drop in Bitcoin back to $40,000.
What do we see? In March 21, 2021, and November 29, 2021, we saw the last highs before the drop. The November 29 high was broken above by the current level in 2024, but we see a pullback on the weekly below this level.
This is an indication that we could see BTC dropping. The pattern forming is also the beginning of a range on the weekly timeframe. We have a high established and a low at this point. We also see a wave pattern on the weekly within the possible range.
In terms of candle patterns, the current pattern seems to be forming an evening star. This will be confirmed by the end of this week. The end of the week will also be an indicator if we will see strong downward movement in favor of the bears.
The doji indicates a strong battle between the buyers and sellers to keep the level above the high on November 29. A close below the doji would be good; a close equal to or below the bull candle or somewhere into the wick will be even better. At this point, it can still go either way, but to me, it seems to lean more towards bearish strength.
On the ADX, the ADX seems to show strong bull power at this point, but we do see a slight dip in the line. This could be an early indication for next week's turn. We can use lower time frames, maybe daily or 4-hour, to confirm this on Friday.
The RSI is way oversold. The evening star pattern, coupled with this, supports the sell position even more.
Final point:
At this point, all indicators are pointing to a sell in Bitcoin.
The range setup we are seeing forming, the RSI being oversold, the ADX showing slight signs of a dip in bull strength, the wave pattern also showing we could see a sell, and the evening star that will be confirmed on Monday but lower time frames can strengthen the possibility for early entry points.
The high wave of doji showing a strong battle between the bulls and bears, and at this point, the bulls seem to be losing, and we could see the bears taking over again.
Thanks, guys.
