Bitcoin Bearish Butterfly + Bear Flag - 8250 Target 5 Days Time
First off lets start by taking a look at the nasty bear flag we had on Bitcoin during the drop from 14300, which extends down to 9200.
We recovered pretty well on this bounce, to 13K to be exact, meaning the bear flag should take us from that 13K bounce, down to 8250 area, which coincidentally happens to land directly on the 0.786 fib support, and a STRONG support from the runup to ATH
This bear flag also created the X point on the Butterfly, while the rebound created the A point.
The "D" point is what we should all be focused on here, which coincides with the end of the flag pole, and the 0.786 fib level
With the recent FUD regarding tether, it seems "they" are trying to get us there.. Look out BELOW!
We recovered pretty well on this bounce, to 13K to be exact, meaning the bear flag should take us from that 13K bounce, down to 8250 area, which coincidentally happens to land directly on the 0.786 fib support, and a STRONG support from the runup to ATH
This bear flag also created the X point on the Butterfly, while the rebound created the A point.
The "D" point is what we should all be focused on here, which coincides with the end of the flag pole, and the 0.786 fib level
With the recent FUD regarding tether, it seems "they" are trying to get us there.. Look out BELOW!
Trade closed: target reached:
Nice short - opened a long high 7s - think we get to just under 10k