BTC Analysis - Weekly Timeframe
2024-11-03

Current Scenario 
In my view, BTC is facing one of the worst-case scenarios at the moment. After an ABC correction downwards, we experienced another ABC pattern upwards, only to face a strong rejection below the key resistance level (trendline) that previously acted as support. This level, which BTC couldn’t break for a long time, is now holding us down, suggesting that downward momentum might resume.

 Bearish Outlook 
It seems like BTC is forming a new downward movement, potentially targeting the $42,000 - $38,000 range. This is a long-term analysis on the weekly timeframe, with all major support and resistance levels outlined.

There’s only one remaining bullish chance here: if BTC can defend the $66,000 - $65,000 zone and push upwards aggressively. In this case, we could aim for a high of $134,000 - $136,000. However, if this level fails to hold, I consider the bearish scenario to be the dominant one for now.
 
Candlestick Pattern 
Additionally, on the weekly timeframe, we’ve formed a bearish candlestick pattern — a shooting star — which typically appears at the top of a trend. This is a potential warning sign of further downside.

 Targets 
TP 1: $48,800
TP 2: $42,000 - $44,000
TP 3: $38,000
 Invalidation Level 
Invalidation: $73,881 — if BTC breaks above this level, it would invalidate the bearish scenario.


Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital