Weekly engulfing candle confirmed. If the same pattern plays out as in 2017+ then expect a week of up and down price action with a close below last week's bar (further confirmation of the start of the bear market) Then expect a bounce to exit if you are still in positions. After this a prolonged bear market for a few years.
I expect some bullish resistance at the 32,000 level and the 20,000 level. Everyone believes the 20,000 level will hold, but I am not so sure, this is the level that will be broken that leads to the next "capitulation".
Strategy: Dollar Cost Average until the next bull market.
Target: 80k-150k
Invalidation of the idea: A weekly candle in the form of a hammer for the first week of March 2021.
I expect some bullish resistance at the 32,000 level and the 20,000 level. Everyone believes the 20,000 level will hold, but I am not so sure, this is the level that will be broken that leads to the next "capitulation".
Strategy: Dollar Cost Average until the next bull market.
Target: 80k-150k
Invalidation of the idea: A weekly candle in the form of a hammer for the first week of March 2021.
