Shooting Star / Bearish Topping Candle The current candle forming (active candle, not closed yet) is showing characteristics of a Shooting Star or could develop into a Bearish Engulfing if it closes lower.
1. Potential Bearish Engulfing (Monthly) If this candle closes below the open of the previous candle, a Bearish Engulfing will form on the yearly timeframe — this is a highly powerful signal of massive distribution. 2. Three Bar Reversal Setup Looking at the last 3 candles: Large bullish candle (rally to ATH) Small doji/spinning top candle (hesitation) Current candle: strong rejection This is a valid Three Bar Reversal structure on a higher timeframe. 3. Wyckoff Distribution Phase On a broader structural level, this movement closely resembles: PSY (Preliminary Supply) — rally to ~97K BC (Buying Climax) — wick to high 97.939 AR (Automatic Reaction) — the current pullback Next will be a UT (Upthrust) or directly into SOW (Sign of Weakness)
Bear Scenario (Higher probability based on this candle): If this yearly candle closes with a long upper wick and a red body: Price will retest the area of 59,000–65,000 as confirmation of breakdown. If support at 59,930 (low of the candle) is breached → next target 42,000–45,000. Worst structural case → 28,000–32,000 (50% retracement of the entire rally). Bull Scenario (Invalidation of bearish): Candle must close ABOVE 87,496 (above open). This means buyers fully recovered before the end of the period. If this happens → bullish structure remains intact, potential to continue to 110,000–120,000$BTC #Bitcoin❗
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A lot of folks are scared to buy BTC when prices dip. But that's where the opportunity lies. 🔥 "The best time to plant a tree was 20 years ago. The second best time is NOW." Dollar Cost Averaging (DCA) isn't about timing the market — it's about time IN the market. Stay calm, stay consistent. Bitcoin rewards the patient. 💎 #Bitcoin #BTC #Binance