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
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Scenario 2 - BTC has failed the bearish flag structure and now headed towards 28k if gives a strong closing today
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It's still trying to give a closing above 23400...wait for confirmation
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Failed to close above 23400... Might retest lower Trendline now
at this moment the crypto market is coupled with big markets. Right now DXY is playing the cards. I don't see near term reversal in the markets. it's better to keep cash in hand and when the markets turn green on bigger time fame. we can invest at that time.
Thank you for your valuable contribution to the Tradingview community and keep up the good work!