Some Technicals about Bitcoin current price action

Hi Bitcoin Lovers,

Let me share you some technicals about bitcoin current price action.

The weekly candle of bitcoin is forming a clear bearish engulfing candle which is a strong indication of reversal.

The trend is bullish and the reversal sign in a bullish trend means to exit the trade if you are in a buy position.

I will share the clear stats with chart examples some other time but today I am sharing a weekly stats and indicating some levels to watch for next trade.

The minimum bearish target for bitcoin could be 10953 which is also the psychological level of support zone.
If bitcoin fail to bounce from 10953$ zone then look for the next level which is around 8885$ ( Strong Support Zone )
The 8885$ area is also the weekly trend support zone and most of the buyers will look for the buy entry from this level which may be the reason for the next bounce.

Please keep in mind if bitcoin break the second support 8885 and close below this level in a weekly time frame chart then it will be clear indication to jump out from it unless the price makes any bullish signal.

The breaking of support area 8885$ may take BTC towards 5541$, the chances are very low for this price.

Summary & Target level

Technically I am expecting a bounce from 8885 area towards 14000. and BTC may move in a price range of 8000 to 14000 zone for a couple of next weeks.

Don't take the risk if you cannot afford to lose. It's a risky game and there is no correction and down trend history in bitcoin. Those who are trading in a forex market can understand my words. The downtrend in a market can trap you in big losses. The gold was once traded above 1900 level and now it is moving in a range of 1050 to 1300 level from a couple of years.and still, some traders are expecting a high at the basis of gold history.

Always use stop-loss in your trade to avoid big losses.

Alternate: If market close above the 1900 level in a weekly time frame chart, it will invalidate my point of view . As I am not into bitcoin trading that's y I don't know the weekly closing timings of bitcoin, As per the chart in front of me, it is clearly reversal signal

( I am not into bitcoin trading, these are my thoughts according to my little knowledge in the forex market )

Wish you good luck and happy trading