I will explain the chart as it is now based on candlestick reading and then add some additional information. The bearish bias short-term has been confirmed.
The green line marks Bitcoin's all-time high.
Dark red is the previous ath 20-Jan. 2025 and the dark red dotted line the high from 17-Dec. 2024.
Bitcoin (BTCUSDT) now trade below all three levels on a daily basis.
Right after the all-time high, 23-May, we have a full red candle.
The full red candle is a rejection as Bitcoin produced this new ath which is also a technical double-top.
After three days green, Bitcoin produces a lower high in the form of a Doji. 27-May. This Doji confirms the candle from 23-May.
Today, 28-May, Bitcoin produces a red candle as continuation of the action from 23 and 27 May.
Trading volume is super low.
Big institutions are buying and these always tend to buy at the top. The top means higher no more. A correction is upon us.
Resistance has been confirmed, how can Bitcoin turn bullish again short-term?
It needs to move and close above the all-time high on a daily basis. Anything lower and you can SHORT.
The fact that Bitcoin closed 7 consecutive weeks green, with the last few weeks become smaller, it is a sign of exhaustion, the market is looking for a relief.
A retrace can turn into a correction and if panic sets in a correction can turn into a crash.
It is still early though, but these things tend to unravel pretty fast.
Are you paying attention?
What will happen now?
A bullish trend is based on higher highs and higher lows. The bigger structure is not likely to break but, Bitcoin is going down, it doesn't matter if it is short or mid-term... Do what you have to do to protect yourself or secure profits. You can never go wrong by securing some profits when your pairs grew by 300 to 500%. If you are waiting for more, forever more, you are just a greedy ... trader.
Thanks a lot for your continued support.
Secure the win and forget the greed.
Win, win, win. And you will have the chance to play again.
Plan before buying. Develop a plan and use this trading plan to achieve trading success.
Whatever you do is up to you.
I am just reading the chart.
I left one question unanswered on purpose; How far down will it go?
Tell me in the comments, if you tell me your version I will tell you mine.
Thanks a lot for your continued support.
Buy and sell.
Sell, not hold.
Namaste.