This is the weekly timeframe for Bitcoin my dear friends and amazing supporters, look at this chart, it reveals everything.
Bitcoin is the best invention since baked bread, I mean like literally. Bitcoin is the best thing invented since the Internet, for real. Bitcoin is the best thing that we've seen since the creation of money, we don't know how much prosperity, freedom and innovation the world will enjoy now and into the future thanks to this technology; we know for sure that Bitcoin has been growing since day one and is on a path of sustained long-term growth.
➖ The Cryptocurrency market is a growing market, a new market, we love it and so we bet up. ➖ Cryptocurrencies are not securities just because they can function as such. ➖ Cryptocurrencies are a new technology and as such, they need their own rules, laws and legal framework; it needs to be looked at with the eyes, knowledge, experience and wisdom from judges of the present day, the 21st century; laws enacted hundreds of years ago will not work for Cryptocurrencies that's for sure.
How beautiful and useful are the new Volume candles? I love them.
Here the volume candles reveals everything we need to know about Bitcoin and we have MA200 as well.
The biggest candle on this chart in 2023 came in March. This is where the action is headed (direction).
👉 The March 2023 candle opened at $21,998 and closed at $27,972.
👉 MA200 —this is the long-term indicator where the price tends to gravitate towards to— is trading around $33,333. This is a major stop on the way down after the 44-40K price range).
Notice how the MA200 line is starting to curve up, in a reverse way, Bitcoin will start curving down... And the Altcoins will continue to grow!
Namaste.
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The weekly session is over and a new week is already half way through, what is the chart saying now?
This is what we have right now:
Last week works as a neutral candle which favors the bearish side.
It favors the bearish side because it closed as a hammer. This hammer is bad news because the high closed below the 11-Mar. session peak.
The hammer at the top of a trend can signal reversal but this is only confirmed after the fact but the signal is in.
The main bearish signal happened 11-Mar. which is the week when the new ATH hit, around 14-March if I am not mistaken (I always go from memory to safe time).
All this context because I wanted to get to the current session, this week; 8-April.
This week we can see already a long upper shadow/wick. The week is trading near the lower end of the session (Shooting star pattern), this is all super bearish.
A negative close this week can confirm the bearish signals received in previous weeks. But a break below $63,000 needs to happen first before the bears have the technical upper-hand, this is based on the weekly timeframe. We are "predicting" a move or preparing for it before it happens and that's why we lean toward taking action before full confirmation is in. Higher risk but part of trading.
$63,000 right now is EMA10 and we use it to gauge a pairs potential: Below bearish, above bullish.
Thank you for reading.
Namaste.
If you enjoy the weekly updates, boost to let me know you want more.
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🅱️ Bitcoin At $44,444 Is Only The Start!
➖ Today the weekly session is coming to a close, six.5 hours from now.
➖ Bitcoin is trading at the lowest level, based on candle closure, since February.
➖ The current candle fully breaks the previous chart structure, which was a parabolic rise pattern. The rounded top confirms the end of this parabolic rise. A rounded top is confirmed once the weekly session closes and prices move below 63K.
👉 A 30% drop will put Bitcoin around $44,444!
Chart
Before this, there is a stop above 50,000 around 53K.
Next week we should experience the bears in full force.
Comments?
Namaste.
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Bitcoin is now challenging EMA10 but the week is only half-way through. We already have a 10% drop this week. Will Bitcoin continue lower or recover?
This is the question that I keep getting, what's your take?
I think it moves lower, just consider the exact same principle explained in the and let me know what you think in the comments section.
I don't know man, I like contrarian views, but it seems too bearish for the current conditions. 21-28 can be the bottom of the next bear market. But I highly doubt Blackrock and other financial monsters will f*** their clients that early, there is still a lot of room to grow.
Arash_Kamangir2020
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There are some people who have a lot of followers and take money from banks and major buyers of Bitcoin to advertise that Bitcoin is going to go down a lot.
AlanSantana
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@Arash_Kamangir2020, Lucky them. How much do they get paid and which banks pay them?
Asadimsm
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they shares in Liquidation along with exchanges.
Luciano2314
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If you start to see everyone short on tradingview and Twitter you know what will happen they will scam you and Walles start buying to push up BTC together s#it coins and liquidate all Short positions
I also think further drop is coming. The volume candle on the drop is big, but I'd feel more confident for a buy after retest of 60K and a (nasty) capitulation candle. 40-50k will follow, I think... I'll wait and see. Good short call, Alan.