BitcoinShort
BTC going down, Bear Flag and possible dead cat bounce
Updated
Hi,
Structurally, BTC -8.93% is in a downward channel (duh...) and i feel that the bear flag can breakout towards the downside and testing the bottom of the channel around 7,600-7,800 level, i feel that the lower channel trend line will hold if volume picks up, if it doesn't then my estimate for a based on a dead cat bounce triggered Feb 1 with the Indian Finance minister comments (coindesk.com/india-finance-minister-strikes-stern-tone-cryptos-budget-speech/) can lead to a target level 7,100 level as my second TP.
I am learning Technical analysis on my own through vids and books, so not a super pro. positive criticism that can help me learn will be appreciated :)
**DISCLAIMER: This information is not a recommendation to buy or sell and should be used for educational purposes only
Structurally, BTC -8.93% is in a downward channel (duh...) and i feel that the bear flag can breakout towards the downside and testing the bottom of the channel around 7,600-7,800 level, i feel that the lower channel trend line will hold if volume picks up, if it doesn't then my estimate for a based on a dead cat bounce triggered Feb 1 with the Indian Finance minister comments (coindesk.com/india-finance-minister-strikes-stern-tone-cryptos-budget-speech/) can lead to a target level 7,100 level as my second TP.
I am learning Technical analysis on my own through vids and books, so not a super pro. positive criticism that can help me learn will be appreciated :)
**DISCLAIMER: This information is not a recommendation to buy or sell and should be used for educational purposes only
Trade active
Target Price(TP) 1 in range.TP 2 @ 7080 in play if we dont see a strong buy-side action
Trade closed: target reached
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