I see people comparing this action to December 2017, unfortunately I am not able to reference other charts on this account, I am just making a small idea. If the weekly candle closes in the upper range of the shadow, like where it is right now or higher - I still believe bitcoin's major trend is bullish and it has not yet entered a bear market. The ATH of 40k is too low compared to the previous all time high to enter another multi year bear market. My target in this case is at least ~75k, potentially higher.
Look at the weekly chart at the Dec 2017 ATH , and look how large the weekly black candle was following the all time high, looks nothing similar so far. That candle was engulfing , this is not even close to engulfing the previous week.
Look at the weekly chart at the Dec 2017 ATH , and look how large the weekly black candle was following the all time high, looks nothing similar so far. That candle was engulfing , this is not even close to engulfing the previous week.
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So far, the second weekly candle following ATH has not eaten up or engulfed the ATH week. Looking good until the second weekly candle follow ATH closes below ~29k. or EMA 50 1d and eats up the ATH 1W candle.