Short

Bitcoin technical analysis (bearish, weekly)

Updated

Bitcoin shows major signs of weakness at this moment on the weekly chart. We have a bearish divergence on the RSI indicator, which cannot be ignored. Also, we have a shooting star candle, which is probably the most bearish candle that exists in the price action. This bearish candle will be confirmed if we break the low of it, which is 41500.

How deep can bitcoin dive? There are 2 major supports on the weekly chart. The first is the POC of the previous market structure in confluence with the strong liquidity point at 36707 (stop losses of others). The second support is the start of the major gap at 34025. If these 2 support fail for some reason, the next support would be 28000, which is the end of the major gap.

I am bearish on Bitcoin, and this is my current outlook on the weekly chart. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

Note

The shooting star candle is now confirmed.
The price went below the low of the candle.

20 weekly MA is at 35k

Note

Bitcoin is ready for another leg down. But on weekends, price action is usually bearish.

Xanrox

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