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Bitcoin(BTC): Candles Are Not Looking Good!

skrimon

Well-known member
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Hey fellow traders,

As we step into the final week of the month, all eyes are on Bitcoin's recent movements, especially around the newly breached All-Time High (ATH) zone.

It's undeniable that we're witnessing some concerning signs near this pivotal area. Over the past three weeks, the candles have painted a rather bleak picture, with each successive week seeing a decline. Last week particularly stood out as we witnessed the re-test breaking and the candle closing in the red.

Now, as we enter this week, it's fair to say that this could be a make-or-break moment for many of us in the trading community.

If Bitcoin fails to hold above the breached zone this time around, it's highly likely that we'll witness a significant downward movement. This could entail a reclaiming of all the Former Value Gap (FVG) zones at lower levels, potentially setting off a scenario akin to a "free fall."

The stakes are high, and the next few days will be crucial in determining the direction of Bitcoin's trajectory.

💬 Drop your thoughts and insights below. What's your take on Bitcoin's current candle movements?

Let's keep the discussion going and navigate these uncertain waters together.

Happy trading!
 
thank you man. i honestly do not see any sign of bearish market in long time frames. do you?

No problem. Looks like possible short term exhaustion to the upside due to price pressing against previous highs but nothing bearish at the moment.
Price is still trading above the 200/100/50/20 on the daily/weekly
 
Bitcoin still under pressure, now moves at roughly $57k as briefly reached $60k, I think still hard for Bitcoin to repeat its all-time high.
 
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