BTC: As We Prepare for the Weekly Close

There you go ladies and gentlemen, boys and girls. A simple weekly chart for bitcoin.

With roughly an hour to go before the weekly candle close, we are prepared to drop just enough to finally lose the bullish engulfing status we have been enjoying for the past 3 days.

I predict that, with all the shenanigans going on in this market right now, we will close under the blue dotted line.
After the close we will drop to roughly 54.5k before we stage an attempted breakout to the upside...
which we will then fail before heading down, way way down to the pink box that has been indicated for you.

The second option is we start moving up right at the start of the next weekly candle, create the weekly high within the first few hours and then finally capitulate to this C wave down that IS coming.

Pick your poison.
These are my thoughts on bitcoin currently.
And yours?

Comment:

Update: We closed the monthly slightly above the blue line, invalidating my first prediction.

I do not for one second believe bitcoin is on its way to new all-time highs however. Not without a further correction.

My plan remains the same. It is important to formulate a plan and to stick to it! I have waited weeks for this correction, and I will wait weeks more if I have to.

I am also open to changing my mind if enough evidence presents itself that runs contrary to my view. Keep watching and let's see how this develops!