$BTC Weekly Chart Technical Analysis
I am sharing my analysis based on my small crypto journey and experience.
$BTC formed a double candlestick pattern - bullish engulfing in the $52,000 to $59,000 zone, which later pushed the price to an all-time high of $108,000, creating Top 1.
From $108,000, the market experienced some decline and established a new support level in the $89,000 to $90,000 zone. From there, BTC surged again, touching a new all-time high of $109,000, forming Top 2.
The candlestick that touched the highest point formed a shooting star candle at the top. A shooting star candle is a bearish single candlestick pattern, which indicates a potential market downturn.
In the following week, a red candle appeared, and together with the shooting star candle, it formed a double candlestick pattern - bearish harami, which strongly influenced the market downward.
Given the current market condition, there is a high probability that the $89,000 - $90,000 support zone will break down, forming an M chart pattern, potentially leading the BTC price to $72,000 - $74,000.
NOTE: Market can do anything, cause Bitcoin doesn't follow any analysis.
#DO YOUR OWN RESEARCH