BTC Bitcoin: Headed Much Lower
Updated
Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Bitcoin (BTCUSD).
Bitcoin price is currently inside a pennant pattern with a bear flag formation so ultimately a Bear Flag Pennant. The measured move of this pattern touches a long-term support line around 7K. The Fibonacci Retracement shows the Golden Ratio (1.618) around 3.3K. Price has a strong possibility to come down to the 3K-7K range based on this scenario. Please be aware that this may take days or months to reach the target so have patience!
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Bitcoin price is currently inside a pennant pattern with a bear flag formation so ultimately a Bear Flag Pennant. The measured move of this pattern touches a long-term support line around 7K. The Fibonacci Retracement shows the Golden Ratio (1.618) around 3.3K. Price has a strong possibility to come down to the 3K-7K range based on this scenario. Please be aware that this may take days or months to reach the target so have patience!
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Comment
BTC: Chart is still on point!
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