If Bitcoin closes below $116,500 within the next few hours, it will confirm a 5-day bearish engulfing candle, leading to a trend reversal and a price drop to support levels at $110,000, and potentially $105,000.
"If Bitcoin closes anywhere below $116,500 in the next couple of hours, you're going to get a 5-day bearish engulfing candle, which is a trend reversal candle, and you're going to be looking down to major support levels at $110,000 as the first line of defense. And thereafter, you have major support coming in at $105,000."
