Bitcoin’s weekly candle has set a bearish tone after breaking through last Monday’s swing low. This shift signals that short-term market structure has changed from higher-lows to a more bearish pattern, suggesting corrective pressure may dominate in the coming sessions.
Key Technical Points:
– Bearish Weekly Candle: Engulfing structure broke last week’s swing low.
– VWAP Support Critical: Losing VWAP opens risk of $112,500 correction.
– ABC Structure: Current move resembles an Elliott Wave ABC correction.
Bitcoin’s short-term structure has shifted, with higher-low projections now invalidated. The bearish engulfing weekly candle points to weakness, though lower time-frame bounces remain possible. VWAP currently serves as the line in the sand; a reclaim could stabilize price, while a breakdown would likely extend correction to $112,500.
The pattern resembles an ABC corrective structure following a prior Elliott Wave impulse. If confirmed, further retracements could occur before Bitcoin resumes broader bullish trends.
What to Expect
Expect near-term bounces, but risks lean bearish unless VWAP is reclaimed. Loss of support would accelerate correction toward $112,500.
