BTC showing bearish signsEven though I have not yet placed a short, BTC is looking to close its weekly candle below last weeks low (61xx). The bears are not done yet, as I am expecting a final push lower before the final bull run. 46xx makes a lot more sense for institutions and big money to jump in, but a reversal from 57xx has happened three times before and clearly serves as a strong support. I doubt this will be the reversal, even if it serves as support in the short term. When this level is finally broken, weak hands will be apparent and panic selling will set in. This could easily smash us below $5000 and finally meet the levels that big money has been eyeing since the crash. Consolidation is expected between the resistance of 66xx and support of 57xx. Short term, a push upward to the 9EMA, which is aligned with the resistance shown on the chart (66xx), would not surprise me. If price reaches this level of resistance, I will place a short trade with a TP in the 61xx region and a SL in the 69xx region. If this region is met, a quick melt back down will happen because I strongly believe the weekly candle will close bearish. As seen with the highlighted green squares, every time we have had a bearish weekly candle, it is followed by another bearish candle. History tells us that this weeks candle will close bearish. Time will tell, happy trading!
