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Mansasuma

Bitcoin´s top is in, correction to 50k next

Short
Bitcoin (BITSTAMP:BTCUSD)  
Mansasuma Updated   
BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Technical Indicators Fundamental Analysis
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1
trendanalysis indicator fundamental
- BTC displayed weakness on low time-frames for several times this past week (two previous ATHs retests is NOT healthy)
- as it is now currently trading below 2021 ATH level that is final confirmation that the mid-term top is indeed in place
- with a weekly SFP of range high, the most logical target for downside is the 20MA (blue line)
Comment:
Potential head and shoulders formation, confirmed with a close below the neckline (red line).

The target of the head and shoulders is between 50 - 52k, which aligns well with the weekly 20SMA.

snapshot
Comment:
Likely going to be wrong on this idea as the key pivot of 61.9k held.

Daily close above 69.5k and the uptrend continues.
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