BTC was sitting on a very critical level of support, which included the 50-Week EMA, Ascending Trendline, Strong Horizontal Level, 0.618 Fib and High Volume Node on VPVR. A couple of days ago this tremendous support got broken, however we need to wait for the weekly close. Check out our idea called “BTC is sitting on a very critical support!” where we recommended to pay attention to lower levels while we were hovering around 8.3k. Here it is
Let's take a look at the BTC chart from another angle: consolidation at 7.8-8.5k formed a Bear Flag and finally it broke down. According to TA rules, the first target is waiting for us at ~7.1k. Chances of getting there are pretty high.
Conservative full target of the Bear Flag comes at ~6.4k. 1K down from the current price. This level is pretty much in line with zone (6.3k-6.6k) of multiple support that we pointed out in “BTC is sitting on a very critical support!” idea. This zone includes horizontal support, 0.786 Fib and high volume node on VPVR. But what makes this target even more interesting is that the Descending Traingle final target comes right there!
Full target of this bear flag sits at ~5.6k. Pretty aggressive target, isn't it? But that's out of the question until we get to Target 2.
Here is an important point: Today we got the Death Cross between the 50-Week MA & 200-Week MA. This is significant and not bullish by any mean. In this regard, retest of the Bear Flag breakdown level at ~7800 would be nice to short.
Where do you think the bottom will be? 7k, 6k, 5k or maybe new lows below 3k (lol) ? Tell us in the comments!
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The information given is never financial advice. Always do your own research.
I think we are going up because Bitcoin is heating up and here is why
UnknownUnicorn2774089
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Didn't we learn from previous death crosses don't go short, yet so may TA's here got it wrong.
FreshCrypto
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Well that was a terrible move for me...and many others..I actually switched to a long last night but then we got that fake out to the downside that broke the bear pennant and got stopped out...I should took your heed of the CME gap closer and the TD9 that printed as a hidden signal to go long again...I got REKT and will be out for a while...BTC is a crazy market and becoming more like gambling than trading...good bye sir...
CryptoBullet
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@FreshCrypto, Yeah, this market is absolutely crazy, especially with this tether printing. Don't get upset, buddy! Stay strong
FreshCrypto
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@CryptoBullet, I actually saw the tether printing notice on Whales twitter account should have too that notice more seriously...not upset as more disappointed.
titanomachy
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REKT moron!
bedarija
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as low as 10k
Bulutadam
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Good analysis but towards the other side :)
glinaa
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You've been owned. The pump up was obvious, the fake breakdown was there to spook weak hands.