BTC: Shooting star weekly candle. We all know what that means.
Well a beautiful textbook shooting star candle is forming. I know, there is still time until the new weekly candle, and in 6 hours a lot can happen in bitcoin land.
However, if no miracle happens now, and we get a 1000 USD pump, then the weekly close will look strongly like a shooting star.
That is usually a strong reversal candle. In that case, I expect a dump to the 8500 level, there is a fibo support and also the volume profile indicates support in that area.
So, let's see what BTC will do the next hours, but I think that a close as shooting star and subsequent dump is the most realistic scenario. However, we all know BTC. It still can surprise us :)
However, if no miracle happens now, and we get a 1000 USD pump, then the weekly close will look strongly like a shooting star.
That is usually a strong reversal candle. In that case, I expect a dump to the 8500 level, there is a fibo support and also the volume profile indicates support in that area.
So, let's see what BTC will do the next hours, but I think that a close as shooting star and subsequent dump is the most realistic scenario. However, we all know BTC. It still can surprise us :)
In another idea I said that BTC will hit the daily MA200 again, I still believe that.
We might see a few months of consolidation now, before the next bull move will start.