Bitcoin Update
Based on the WEEKLY chart, Bulls face significant headwinds.
- Di- Line back under ADX
- Fast Stoch overbought
- Hidden Bearish Div. on RSI (Not shown)
- Top of cloud dropping to 87.5K (also the 1.272 of Expanded Flat)
As I previously noted, I anticipated a rally below the $60,000 level, and we got it! That prescient call was followed by a move of over $30,000—a perspective shared by very few, with
@TonySeverinoCMT being a notable exception.
Currently, I am observing significant technical headwinds for Bitcoin. While some may prefer to follow influencers focused on engagement, my objective is strictly to provide helpful, data-driven insights.
Please note that the invalidation point for my current bearish thesis remains the 1.618 level, as referenced in my previous posts. A weekly close above this range—approximately $97,000–$98,000—would be required to shift the outlook for Bitcoin to a more constructive stance and invalidate my current analysis and Expanded Flat (also shared on multiple occasions).
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Please note: The attached chart was produced last night, and the underlying indicators remain unchanged.
Source: 7th Key Financial