weekly BTC chart insight, a possible scenario to consider

20 thg 11, 2021

I placed a wager that Bitcoin will not hit $70,000 before November ends, before placing the wager cos I haven't done so before, I had to look at my chart and understand what the price action looks like cos I am a pure price action trader. Considering the build up so far, a person can identify that we have seen quite a retest from 8th of March through 10th of May, before a sell off to the Key Support we have now, from this level we started identifying a HH and HL, if we can get another SUPPORT at $51917 then we have a new HH and HL, otherwise if we see a sell of below that price then it has invalidate the idea of a Bullish Move. However, I am looking at several scenario from looking at the chart, There is the possibility of a DOUBLE TOP forming if we see a BEARISH ENGULFING closing at the end of the week.

Looking at the indicator session, we will see where price has alternated from oversold to overbought area touching respectively 0% and 100%, also, both the price action on the chart with TREND-LINE acting as RESISTANCE and on the indicator with the TREND-LINE acting as a RESISTANCE indicates that we are looking at the possibility of seeing a sell off.

The key take away here is that if the current weekly candle closes as BEARISH we could a sell off.