BTC has a choppy market, it makes me a little bit skeptic when i am looking at candle stick patterns. but on the other hand it can be used in higher time frames, i think at least!
so in the weekly time frame it seems we have a bearish engulfing candle it does not fully engulf the previous bullish candle but it covers it pretty good. with that in mind; considering upward wicks and also unstopped recent months of bullishness we can say that it is a bearish engulfing candle.
also we have broken the daily upward support on RSI and it really worked well on my previous analysis. on the other hand we have a bearish divergence on the daily time frame on rsi and also on 4 hourly rsi.
if you are in a spot market i think that is wise to sell btc to usd and if you are on leverage account i think you should wait to things look very bearish and then short on a nice price based on situation.
so in the weekly time frame it seems we have a bearish engulfing candle it does not fully engulf the previous bullish candle but it covers it pretty good. with that in mind; considering upward wicks and also unstopped recent months of bullishness we can say that it is a bearish engulfing candle.
also we have broken the daily upward support on RSI and it really worked well on my previous analysis. on the other hand we have a bearish divergence on the daily time frame on rsi and also on 4 hourly rsi.
if you are in a spot market i think that is wise to sell btc to usd and if you are on leverage account i think you should wait to things look very bearish and then short on a nice price based on situation.