BTC technical analysis and its candlestick pattern:

Technical analysis of Bitcoin (BTC) from the chart provided (February 21, 2024, 21:46 CET)

Time frame: 1 hour

Current price: $51,033.99

Trend: Bearish

Candle pattern:

The last 12 candles are red, indicating a strong bearish trend.

The candles are small with short wicks, suggesting low volatility and constant selling pressure.

A “Three Black Crows” pattern is observed, which is a bearish pattern indicating a possible continuation of the downtrend.

Technical indicators:

EMA (7): $51,061.71 (below current price)

EMA (50): $51,598.59 (above current price)

EMA (100): $51,643.02 (above current price)

Conclusion:

Short-term (1 hour) BTC chart technical analysis indicates a strong bearish trend. The “Three Black Crows” candlestick pattern and the EMAs above the current price support this trend.

Possibles scenarios:

Bearish Scenario: If the price continues to break below the recent lows, a drop to the next support level at $50,671.56 is possible.

Neutral scenario:  If the price consolidates in the current range, a sideways movement is possible in the short term.

Bullish Scenario: If the price manages to break above the EMA(50) and EMA(100), a bounce towards the resistance at $52,945.06 is possible.