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Bitcoin Forms Bearish "Gravestone Doji" Candle on Weekly Chart

Bitcoin has formed a "gravestone Doji" candle on the weekly chart, indicating a potential end to its bullish trend as sellers resist higher prices.

• Main Points:

  • Bearish indicator: A gravestone Doji suggests bearish control and potential trend reversal.

  • Failed breakout: BTC rose above $73,000 but faced rejection, falling to $67,000.

  • ETF comparison: Limited new capital in Bitcoin ETFs compared to gold ETFs.

  • Short-term signals: BTC showed bullish divergence on the one-hour chart, hinting at possible short-term relief.

  • Market sentiment: The "Fear and Greed" index remains high at 74, indicating trader optimism.

• Detailed Insights:

  • Bearish indicator: The gravestone Doji, marked by a long upper shadow, shows failed bullish momentum as Bitcoin closed lower than its opening price.

  • Failed breakout: Despite touching $73,000, Bitcoin’s rejection prevented it from hitting $74,000.

  • ETF comparison: Analysts noted relatively low fresh inflows into BTC ETFs versus gold ETFs.

  • Short-term signals: A bullish divergence on the hourly chart may point to weakening bearish momentum.

  • Market sentiment: The current "Fear and Greed" score of 74 reflects continued optimism despite recent bearish signals.

Related: Bitcoin Price Pulls Back, But Derivatives Markets Signal Ongoing Bullish Sentiment

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Crypto Trader Warns of ‘Grand Finale’ for Altcoins

A major decline in altcoin prices may be imminent as analysts predict a final "altcoin reckoning" based on past market cycles. Recovery is expected to follow, similar to trends seen in 2019-2021.

• Main Points:

  • Altcoin reckoning predicted: Analysts expect a significant drop in altcoin prices by January 2025.

  • Historical pattern: The current market mirrors the 2019 bear market before the 2020-2021 recovery.

  • BTC dominance high: Bitcoin’s market share at 60.5% suggests continued pressure on altcoins.

  • Market retreat: Altcoins like ETH and SOL dropped over 11% since Oct. 30, while BTC dipped 5.8%.

• Detailed Insights:

  • Altcoin reckoning predicted: Benjamin Cowen of ITC Crypto forecasts the final flush-out to end by early 2025, hinting at a potential rebound afterward.

  • Historical pattern: Altcoin recovery could align with post-halving surges seen in 2021.

  • BTC dominance high: Sustained Bitcoin dominance above 60% indicates limited altcoin momentum until BTC market share drops below 50%.

  • Market retreat: Crypto market cap fell to $2.4 trillion on Nov. 4, with altcoins facing the biggest losses.

  • Outlook: Analysts see potential for a strong altseason once the current phase concludes.

Related: Top 7 Wealthiest Bitcoin Owners in 2024

Expert Warns of Major Bitcoin Crash After Bull Trap

Bitcoin is at risk of a significant downturn following a recent rally that failed to surpass previous highs. Analysts point to bearish chart patterns and declining momentum as indicators of potential trouble.

• Main Points:

  • Bearish signals: Bitcoin formed a rare pattern of five consecutive red days, signaling risk.

  • Key support level: BTC nears critical $69,000 support; a breakdown could lead to $40,000.

  • Double-top formation: Recent double-top at $73,800 suggests resistance and weakness.

  • Expert outlook: Analysts warn of a possible steep crash, monitoring $68,000 for weekly close.

• Detailed Insights:

  • Bearish signals: Alan Santana highlighted Bitcoin’s red streak as a warning, comparing it to past declines in May and August 2023.

  • Key support level: Failure to hold $69,000 could validate a bearish “rounded top,” risking a drop toward $40,000.

  • Double-top formation: Without breaking all-time highs, Bitcoin’s double-top indicates vulnerability.

  • Expert outlook: Crypto analyst Ali Martinez noted a bearish weekly candle with rejection wicks.

  • Positive indicators: Bitcoin still trades above the 50-day and 200-day moving averages, showing some stability despite recent declines.

Related: Bitcoin Mining Bans May Increase Global Carbon Emissions, Researchers Warn

The U.S. presidential election could influence market sentiment, with expectations that a Trump win may boost Bitcoin.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results