JIM CRAMER says: Major top in Bitcoin...
BTC MAJOR! 🥴
But I sincerely believe he gives spot-on reverse signals
Unfortunately too many speculators rely on these "reverse signals", because they are right 95-99% of the time. But what about the 1-5% when they actually get it right? No-one mentions it, because if you've been calling a top in Bitcoin throughout 2023, you're eventually going to make a right call is the reality. It reminds me of Il Capo; if you call a top enough times, eventually you'll get it right! No credit necessary...
As for the chart, this is so far going as anticipated, ie buy the rumour sell the news. The Weekly candle, which is the most relevant right now, as is turning into a massive doji reversal, the likes we haven't seen since October 2021, ie with a 10% wick to the upside, nothing else comes close. There were a few in July and August last year, as well as February 2022, prior to price correcting, but nothing as substantial.
In fact, if price ends the week below $44K, with a -10% wick, it'd be the longest bearish wick since June 2019 that was -20%. Obviously this doesn't mean price will definitely move to the downside, only that out of the handful of bearish doji candles in recent years, all of them led to a correction of some sort; whether that was minor or severe. That said, the current structure still remains bullish above $43K.
