Technically Speaking – January 12, 2024

Let’s take a look at Bitcoin before we head into the weekend. 👁️

If you missed the live class on the Ichimoku Kinko Hyo system, you can watch it here.

Bitcoin’s Weekly Chart

Bears are probably jumping up for joy with how the weekly candlestick is developing because the pattern is one of the most sought-after bearish reversal candlestick patterns. 🐻 

The candlestick pattern for the current week’s candlestick is known as a Gravestone Doji. If it sounds ominous, that’s because it is – if you’re a bull. 

The Gravestone Doji is like the story of the Segway. Before its release, the Segway was hyped as a revolutionary invention transforming urban transportation. People were thrilled, and expectations soared sky-high.

However, upon its release, it quickly became apparent that the Segway wouldn’t meet the monumental expectations. It found a niche market as a mode of transportation for law enforcement in malls and airports. And that’s it.

If it were a movie, it would be The Wolf of Wall Street. Starts on a high note but continues to accelerate into a story of a life falling apart and ending on a low note.

Oh, wait! It could also be another Leonardo DiCaprio movie: The Titanic. The heroine sleeps with a homeless dude and then watches him drown. That’s the Gravestone Doji in a nutshell.🛳️

Anyway – $BTC‘s been on one hell of a run since late September 2023. If speculators were looking for a combination of fundamental and technical data to identify a short-term top, this week is certainly it. 

But bears should be very, very, very cautious. When Bitcoin and the broader crypto market begin new expansion moves, bearish fakeouts are frequent, so keep your eyes peeled. 👀

 

 

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