BTCUSD: Is Bitcoin Forming A Bear Flag To $6,750?
After breaking out of the symmetrical triangle to downwards support, Bitcoin now appears to be forming a bear flag that would target the 50 Week MA around $6,750 if broken to the downside. For all those who thought $6k prices weren't possible again, remember that we have already dropped from $10k to $8k. Price otherwise needs to stay below $8,450-$8,500 to avoid invalidating the bearish pattern.
Stuck In A Symmetrical Triangle Ready To Break On 1 Hr:
Price stuck Between 200 Day MA & EMA:
Measuring The Move of the Descending Triangle Breakdown
Stuck In A Symmetrical Triangle Ready To Break On 1 Hr:
Price stuck Between 200 Day MA & EMA:
Measuring The Move of the Descending Triangle Breakdown
Comment:
Well that was a nasty drop through $8k. $7k next?
Comment:
Still in a bear flag? Have drawn this differently now, but still looks right to me.
Expecting a third smaller drop to $7500 area before breaking out of the bear channel to the upside for a bounce back to retest the 200 Day MA/EMA.
Otherwise, a drop to the 50 Week MA if the bear flag plays out.
Expecting a third smaller drop to $7500 area before breaking out of the bear channel to the upside for a bounce back to retest the 200 Day MA/EMA.
Otherwise, a drop to the 50 Week MA if the bear flag plays out.
Comment:
New target for a bear flag breakdown is $6500.
Comment:
Latest analysis: 4hr Descending Triangle Targeting $7K. BTC still in bear flag.
