Bearish Bitcoin | Worst Weekly Close Since November 2021

9月9日

Hello my dear friends, another weekly session is over and new data becomes available.
Let's review those in an unbiased way and see what the chart is saying.

➖ The 2-Sept. week just closed at 54,869. This is after being rejected by EMA34.
➖ It is the first time that Bitcoin closes below EMA34 in more than a year.
➖ It is the worst weekly close since Bitcoin moved above 60,000 in February.
➖ It is the worst weekly close, coming out of a major high, since November 2021.

➖ The weekly session also closed below the 0.382 Fib. retracement level relative to the bullish wave that started in September 2023; a major support lost.

➢ Everything is ultra-bearish.

➖ The weekly session that just closed also ended as a Doji but red. Signaling the continuation of the previous candle. The previous candle was a full red candle.

➢ Everything is so bearish that we need not go any further.

I would love to entertain you more but it would be a waste of time.

All the signals coming from this chart are saying that Bitcoin is about to crash.

Namaste.