Last week (pink circle) the weekly candle ended just above the white line. What’s the white line? The white line is the Heads and Shoulders neckline that was broken 3 weeks ago. The H+S pattern is 85% reliable and predicts a movement down to the $17-$18k region.
What’s interesting is that although the daily candle body has closed below the neckline 2 weeks ago, the weekly candle has not. And last week’s weekly candle closed just above it. You can see that this week’s weekly candle is WAY BELOW the neckline; way below as in: the body started below the neckline and the body is currently way below the neckline and the week is almost done. If we close below the neckline, I think this is a very signal for the whole market, and will convince everyone that we will be heading much lower – as I have been saying for the last 3 weeks.