Bitcoin : The weekly time frame looks topped out

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all, Welcome to the new week of another cryptocurrency analysis. I hope you are doing great!

Here is the perspective of the weekly chart that I want to cover. Today is Monday and there is still 1 more hour for this weekly chart to closes. But, looking at current market's structure we can deduce that the bears are starting to take over control of the whole trend. The weekly chart has shown us a confluence reasons of why the price might do even lower than current region.

The first confluence reasons and the most important reason of this structure is that the price is now testing the golden pocket zone of the fibonacci retracement between the swing high at June 2019 and the swing low at March 2020. And based on current movement, the golden pocket zone is having an alignment with the white resistance trend line which is the result of body to body connecting method as well.

The 2nd confluence reasons is the price action itself. Last week, I've anticipated about this moves.. There is a tweezer top has already formed when the price has touched the golden pocket zone. The last 3 weeks candle has formed a nasty combination that gives use the sign of potential top. The first candle was the shooting star candle, the 2nd and the 3rd weeks is now forming a tweezer top .

The last confluence reasons is on the RSI structure which is failed to maintain above the 60 level. Currently, the RSI is trending slightly below the 60 level which is the area of neutral zone. But what makes me worry it the most is that the RSI is curving down which is not good.

So, I'll bet the price to continue its lower move in the future if the price can breaks the S2 (refering to previous analysis)and the last target might be at around $7500 - $7000 region.


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