#Bicoin
Looking at the weekly candlestick that fully engulfed two weeks before and made bearish close below $8200, not only that we think $7300 will be reached but most likely we will enter below $7000 aiming for next weekly support at $6400.
On the daily time frame, close below the previous close, MA cross are two signs that confirm weekly bearishness.
So there is the possibility of testing wick on weekly time frame (7950) but higher than that is not likely to happen in our opinion. If that is questionable.
On weekly, we close just below 0.236 Fibonacci level so we are still too high and overextended and have a lot of room to drop.
Main weekly support: 6400
Main monthly support: 4800
Main Fibonacci level (0.618): 5400
Even if we see a dump below $7000 and maybe even $6000, that is not something that should scare you. I already see the whole market panicking about bitcoin losing 6k floor again but it would be nothing but a perfect retest of monthly support and main Fibonacci level.
I just want to prepare you for the things that may happen so you stay aware of the opportunity you will have. At 9k, everyone wanted that they bought at 6k. When 6k happens, no one will think of buying it.
Don’t be one of them, stay calm and patient, focus on technicals and as long as support holds, buying makes a lot of sense.
To conclude, bearish on weekly and daily, expected sell off to $7300 and probably drop below $7000 in this week.
The highest upside target is $7950 which would be a great place to add to short positions.
Invalidation zone is still weekly resistance $8200. Close above will invalidate bearishness.
Looking at the weekly candlestick that fully engulfed two weeks before and made bearish close below $8200, not only that we think $7300 will be reached but most likely we will enter below $7000 aiming for next weekly support at $6400.
On the daily time frame, close below the previous close, MA cross are two signs that confirm weekly bearishness.
So there is the possibility of testing wick on weekly time frame (7950) but higher than that is not likely to happen in our opinion. If that is questionable.
On weekly, we close just below 0.236 Fibonacci level so we are still too high and overextended and have a lot of room to drop.
Main weekly support: 6400
Main monthly support: 4800
Main Fibonacci level (0.618): 5400
Even if we see a dump below $7000 and maybe even $6000, that is not something that should scare you. I already see the whole market panicking about bitcoin losing 6k floor again but it would be nothing but a perfect retest of monthly support and main Fibonacci level.
I just want to prepare you for the things that may happen so you stay aware of the opportunity you will have. At 9k, everyone wanted that they bought at 6k. When 6k happens, no one will think of buying it.
Don’t be one of them, stay calm and patient, focus on technicals and as long as support holds, buying makes a lot of sense.
To conclude, bearish on weekly and daily, expected sell off to $7300 and probably drop below $7000 in this week.
The highest upside target is $7950 which would be a great place to add to short positions.
Invalidation zone is still weekly resistance $8200. Close above will invalidate bearishness.