Bearish Bitcoin | Worst Weekly Close Since November 2021

9 сент.

Hello my dear friends, another weekly session is over and new data becomes available.
Let's review those in an unbiased way and see what the chart is saying.

➖ The 2-Sept. week just closed at 54,869. This is after being rejected by EMA34.
➖ It is the first time that Bitcoin closes below EMA34 in more than a year.
➖ It is the worst weekly close since Bitcoin moved above 60,000 in February.
➖ It is the worst weekly close, coming out of a major high, since November 2021.

➖ The weekly session also closed below the 0.382 Fib. retracement level relative to the bullish wave that started in September 2023; a major support lost.

➢ Everything is ultra-bearish.

➖ The weekly session that just closed also ended as a Doji but red. Signaling the continuation of the previous candle. The previous candle was a full red candle.

➢ Everything is so bearish that we need not go any further.

I would love to entertain you more but it would be a waste of time.

All the signals coming from this chart are saying that Bitcoin is about to crash.

Namaste.