PIN BAR ON BTC WEEKLY CHART

Pin bars at the top of trends are very powerful indicators or a reversal. Why? Because the large upper wick shows that the sellers are more powerful than the buyers and have managed to keep the candle below its open price, creating a pin bar.

The reason this could be so powerful is because it’s rejected off of all time highs. Not only that but this could confirm the double top pattern that I called out a few days ago.

If we do see this weekly candle close as a pin bar it could be a very bumpy ride downwards.