Bitcoin : Real Capitulation ahead
Hello all, here is the chart work of bitcoin based on the 1 week movement and for the longer term use. Let's get it started.
There are 2 important things that got my attention looking at the chart applied, Beside a very huge bearish pressure from the last 2 weeks candle.
The first crucial thing is the white region which is becoming the strong support back then between 2017 - 2018 and this zone is having the confluence too with the golden pocket zone that I get from connecting the body to body on monthly time frame. We can't deny that the price is currently trending slightly below this level again since May 2019 and of course this is not a good sign for bitcoin. With the last 2 weeks candle which showed us a huge wick toward the upside, Bear is in full control of this market. The bulls had tried to push the price to claimed back the white region as support but Bears come with tremendous power to eliminate all the bull's power. This is a typical characteristic before capitulation.
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