Bitcoin Weekly Head & Shoulders + Bearish Engulfing Candle

Weekly Head & Shoulders Forming And Bearish Engulfing Candle Looks Ominous For Bitcoin If We Close Here Today on the Weekly Candle.

While many are proclaiming the '2nd Leg' of the great 2021 crypto bull run is about to being...

The technicals here don't loom promising. So I'd be limiting any longs here and setting stops in case we break lower and or close at these levels today, to close the weekly candle on Bitcoin.

As we know, a rising tide lifts (or sinks) all ships.

There is also a looming 'Death Cross' on Bitcoin's daily chart (when the 50 EMA crosses down below the 200 day EMA) which hasn't always been problematic, but is worth noting also.

Only hold long positions in coins that have held up well throughout the past few weeks, and ones you'd like to own long term. I have buy limit orders on just 2 coins at lower levels to DCA into a longer term position.