BTC/USD Weekly Reversal Candle

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello Friends,

Here is a weekly chart update on where BTC is sitting currently.

Looking at the chart we can see that we have a reversal hammer candle along with a decrease in volume within oversold conditions on the RSI . The weekly chart looks scary when it comes to looking at the TDS and the B.W. Fractal. I believe there is going to be a dramatic drop soon. We can expect to see BTC retrace to the fibonacci levels as indicated on this chart. After we see BTC retrace to the expected levels we can anticipate a continuation upward from the buy zone.

During the BTC retracement, we can expect to see investors looking to gain further profits by investing into ALT coins. The timing is right for ALT coins as it is with a retracement for BTC . Looking at most of the ALTcoin charts from a weekly perspective, we can see that the RSI has bottomed out and beginning to show signs of a reversal upward.

Now is a good time to look at ALT coins.

Details on the Chart.

This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.

Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.

If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!

CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.

May 26
Comment: Correction...Not oversold, overbought. :P
May 26
good analysis but wait for the closing price before committing on a time frame. you fired too soon.
Thanks for your analysis! Great work :)

We called the break of 8300 and to humble ourselves we must look at the bigger picture at play to not get slaughtered and give back all our gains back to the machine. Be cautious and read about the potential "TOP" of BTC here:
+2 Reply
Hello, agree completly. But, I follow bitcoin now over many years. And the whales know and see ecactly what we see on the Charts.

So, I think they will at first kill the open short positions and the new incoming shorts. That means, we will first see a breakout of the triangle to the upside (See the 2 hrs timeframe).

Than all new shorts will quickly be liquidated, beside, this breakout will bring people long,.......aaand Yessss,....... These longs will also quickly be liquidated.

The following drop towards 5.6 k can start.

Just my opinion. Be careful

Best whishes, Sascha
keifer Lilalisa
@Lilalisa, Thanks for your reply and wisdom. Cheers!
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