BTC: a 50% drop on the cards

The weekly candle closed as a classic reversal candle with long upper wick & very little lower wick
on an extremely high volume. The shape of that candle is not good at all and signals buyer exhaustion.

Look at that wick. Have you ever seen such a long wick relative to the body? Actually YES!

Let's have a look at the week of February 5th of 2018. And pay attention to what it led to.
It led to a 100% upswing. The good news is that if we do repeat that environment but in the opposite direction,
it means that we are gonna have a 50% correction to ~ 0.236 Fib at 7k, which would be a good buying opportunity.

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Bình luận:

So, BTC went sub 10k and almost reached our first target marked with an arrow at 0.382 Fib and bounced off.

BTC weekly chart is quite hilarious with those wicks.
On Monday BTC looked like a disaster, but because of a swift rebound forming that long lower wick it doesn't look so bad anymore.

This week is negating previous weekly reversal candle right now, but technically we need to get above that monster upper wick.

Technical picture turns bullish assuming that we will close the week at current price. We really need to close above that 0.5 Fib (11.5k)