Is the worst over in Bitcoin? (Bearish Flag - Red Alert)

If the history repeats itself we are in for another big fall in BITCOIN . When BTC came down to it's major support zone , it consolidated and made a Bearish Flag 1.

Once the breakdown happened, it fell almost as much as the pole of Flag 1 and made a low of approximately 17500.

I have drawn 4 blue lines (Support 1-4) - all supports taken from the weekly chart (bottom left corner)

Now it's consolidating around Support 1 and forming another flag kind of structure ( Bearish Flag 2)

SCENARIO 1 - If BTC breaks down the bearish flag 2 (starts closing below 17,500) - we can expect more fall with 14,000 being next support

SCENARIO 2 - If the Bearish flag structure fails and BTC start closing above 23,400 level - we can expect an upmove till major support zone (28000 - 32000) range. There is a downward "Trendline" also which will break in this scenario. But after retest it can again come down.

Once BTC starts giving weekly closing above the major support zone - that's when we can expect some reversal.

Learn & Earn,

Dr . Tanya Kumar

Comment:

Scenario 2 - BTC has failed the bearish flag structure and now headed towards 28k if gives a strong closing today

Comment:

It's still trying to give a closing above 23400...wait for confirmation

Comment:

Failed to close above 23400... Might retest lower Trendline now