Bitcoin Crash Confirmed | Weekly Timeframe

2024年9月2日

We have two signals here to consider: Moving Averages and Candlesticks.

Let's start with the moving averages because it is the easiest of the two.

➖ Bitcoin moved below EMA8/13/21 weekly in July. After trading two weeks below, it recovered last week. This week we have a full rejection and the action is back below these moving averages. This is an ultra-bearish signal and confirms the bearish bias and potential. Major crash confirmed.

Now the candlesticks.

➖ Bitcoin closed below the "weekly support" only once in 2024, that is in early July. After this close, it quickly recovered. Bitcoin traded 7 weeks above this level, blue line on the chart, and this week is closing below it.

➖ A close below this level, confirmed within less than two hours, confirms major crash. This would be the weakest close since February 2024 if we skip the July candle.

👉 In simple terms, these signals are pointing to a crash toward $43,000 and $38,000 within the coming weeks. No bullish signals are present. Everything is extremely bearish. Run for your life.

Namaste.

2024年9月6日

注释

Turned out to be true...

2024年9月9日

注释

Bitcoin just produced the worst weekly close, coming out of a major high, since November 2021.