🅱️ Bitcoin Weekly | The Mother Of All Crashes Within Days!

AlanSantana Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
This is only one signal, just one and this is one of the most simple and effective at the same time —how are you feeling today?

The mother of all crashes, truly?

There are always some mixed signals or mixed feelings when reading the Bitcoin chart:
➖ When the chart is clear, it goes the other way.
➖ When the chart is mixed, we don't know what to say.

Either way it becomes hard to predict what comes next but, when we look around, the picture clears itself up.

When we look around, we know exactly what is going to show up.

👉 As soon as Bitcoin moves and closes weekly below EMA10, the bearish potential is fully confirmed. Right now the bearish bias is just a potential technically speaking, but confirmation is only a few dollars away. Here is the thing, the confirmation is already in but we have to look at other pairs.

Here is Ethereum (ETHUSDT) on the weekly timeframe:
Can you see what I see?

It is already bearish confirmed, already below EMA10.
👉 This is what is coming to Bitcoin really soon... There will be a major crash within days!

After the break of EMA50 as support on the 13th of April, Bitcoin produced a bounce a challenged EMA10 as resistance.

The challenge of EMA10 as resistance failed and Bitcoin ended the bounce; resumed to move lower. This happened on the 15th of April.

EMA50 is the most important indicator on the daily timeframe to gauge the mid-term potential of a Cryptocurrency trading pair. When the action moves below this level, the bearish potential for months is fully confirmed.

➖ Today, 17th of April, it is the first time Bitcoin starts moving below EMA50.
➖ A continuation below EMA50 implies a lower high.
➖ A lower high below thee 5th of March wick low would lead to at least $58,000.
➖ ~$58,500 matches EMA100 (the next level after EMA50) and also our next target based on our long-term lev. short.

👉 This chart also shows how easy Bitcoin can move toward $44,444 based on MA200 as support.

🅱️ Bitcoin Support | Visiting $55,555, $48,000, $44,444, $37,000 and $33,333

Bitcoin is now officially trading below EMA10 on the weekly timeframe, this with the biggest bearish candle since August 2023. This is the only session that is bigger/stronger than the current one since November 2022.

So we have the most bearish session in 245 days and the week is only half way through.

When looking at this chart we can immediately appreciate two levels that will work as support on this current drop this very same week. EMA21 at 54,650 and the first price action based support around the 44,444 - 48,888 price range.

These are strong support and yes, they will hit way below $50,000; fast and easy.
It will go much lower.

Notice the magenta line on the chart sits at $43,800, this is EMA50.
This is a must for the market.
After such strong growth (2023 early 2024), it is really high probability that the market will go and test this level, it always does.

Now, I'll give you this one beginners, rookies and eternal bulls; I say this to you because I know that experienced traders and analysts are quite aware of what is going on and what is coming to us regardless of the ETF hype. Yes, the ETFs turned to be strongly bullish short- to mid-term and this is great, enjoy the profits. But now comes what follows.

➖ We go down after going up.
➖ We go up after being down; that's just how the market works.

A bounce can happen at EMA50 and how Bitcoin behaves afterward we will have to wait and see because the following two levels are very attractive.

👉 We focus first on the 44.4K but keep in mind that 37,000 - 33,333 is also part of the bearish play.

🅱️ Bitcoin's Support Under Attack!

The more often a support level is challenged, the weaker it becomes.

➖ The black line on the chart represents the main support level right now for Bitcoin on the short-term. This support level range is activate between $59,000 and $63,000. It has been challenged more than five times.

➖ The fact that this level continues to be challenged tells us that the bears have the upper-hand. If the bulls were winning, we would be seeing resistance being challenged rather than support.

Today we have a new low and things are likely to get worse.

Prepare for the crash.
Is better to be prepared than to be sorry later on.

This is a friendly reminder.

🅱️ Bitcoin Weekly

These are bearish signals... As bearish as it can get!

—Bitcoin (BTCUSD) Weekly TF

—Fourth week in which Bitcoin is trading in the red.
—This week has an upper shadow (bearish). The first half of the week is in (green), the second half can be red.

This is Bitcoin's weekly RSI:

➖ A rising wedge pattern.
➖ A double top pattern.
➖ A very strong bearish bias (diving down!).

Capitulation = 50%.
A 50% drop.


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