Bitcoin Weekly Candle Looks Nasty – technical Analysis – 6th March, 2022

So, Bitcoin had a hopium pump to around $45,000 only to dump back to $38,000 after the pump. While bitcoin was unable to Breakout of $45,000 resistance. Let’s Analyse Bitcoin Price for the upcoming weeks.

Bitcoin weekly close will be in less than 5 hours and 30 minutes and the weekly bitcoin candle looks super nasty and Bearish which is unfortunate. If Bitcoin Closes this candle as shown below in the chart that would mean the local top is in. Ofcourse Bitcoin is very much unpredictable But here’s our analysis of Bitcoin :

Bitcoin – Weekly Close – BEARISH

Well, look at that Candle – it’s similar to the Candle at ATH as shown in the chart and this might go very bad in the upcoming week as if btc closed the candle like it.

A panic selling is expected with a drop to $33,500 levels if the bearish scenario plays out. Well, enough for the pessimistic approach, let’s look at Optimistic Approach

Bitcoin Next Week Price Movements- Optimistic Approach – Bullish Scenario

While looking at the weekly chart is hard to find the Bullish Scenario Pretty much but if we look at the 1D Chart, we can see a pretty bullish scenario for the next few weeks. Let’s look at the Chart

This can indeed happen as it’s not hopium and price is consolidating just before the breaking out to New ALL TIME HIGHS

While this analysis is from the twitter user named Captain Faibik as Shown Below and according to this bullish scenario Bitcoin is expected to perform very well in next few weeks