Bitcoin (BTC): Weekly Opening Is Red / Correction Incoming!

The new week is here and Bitcoin is showing a good rejection from the local resistance zone, giving us more and more confirmations of the upcoming drop!

As we have been monitoring that upper resistance for a while, we finally managed to secure the middle line of Bollinger bands, which we like to use to determine the potential short-term momentum movements.

As the weekly opening looks promising, we will be looking for a full-scale breakdown/rejection to happen really soon!

Swallow Team

Comment:

What a nice movement we had from Bitcoin after yesterday's fakeout movement to the upper zones, leading the price to break below the local resistance zone.

Now that we are seeing a touch of 100EMA, we are looking for a full-scale break to happen from it, which would result in a good downward move to even lower zones!

Comment:

The first target has been reached, which resulted in a nice 13% market price movement from the local top (the new ATH).

As the price has stopped near $60K, we are looking for some kind of small recovery to happen here, but no further than $64K. After that, we want to see another attempt to break that local $60K zone and fully secure that zone there, which would result in a movement to $50K (where the majority of the market is lying as of now).