This week will be a stressful one for most traders as we are on the brink of confirming the completion of a healthy correction or the confirmation of a downtrend. 51K will be the deciding factor. Fail to break 51-52K and the market is at risk of a clean head and shoulders setup which would cause a sell off to the mid 30's. A clean upward break would have the bulls foaming at the mouth for a retest of ATH.
Things to note, 1W (bearish engulfing) and 1M (longest wick in BTC history) shows early signs of a deeper correction is nearing.
Things to note, 1W (bearish engulfing) and 1M (longest wick in BTC history) shows early signs of a deeper correction is nearing.