After breaking out of the symmetrical triangle to downwards support, Bitcoin now appears to be forming a bear flag that would target the 50 Week MA around $6,750 if broken to the downside. For all those who thought $6k prices weren't possible again, remember that we have already dropped from $10k to $8k. Price otherwise needs to stay below $8,450-$8,500 to avoid invalidating the bearish pattern.
Stuck In A Symmetrical Triangle Ready To Break On 1 Hr:
Price stuck Between 200 Day MA & EMA:
Measuring The Move of the Descending Triangle Breakdown
Stuck In A Symmetrical Triangle Ready To Break On 1 Hr:
Price stuck Between 200 Day MA & EMA:
Measuring The Move of the Descending Triangle Breakdown
Note
Well that was a nasty drop through $8k. $7k next?Note
Still in a bear flag? Have drawn this differently now, but still looks right to me.Expecting a third smaller drop to $7500 area before breaking out of the bear channel to the upside for a bounce back to retest the 200 Day MA/EMA.
Otherwise, a drop to the 50 Week MA if the bear flag plays out.
Note
New target for a bear flag breakdown is $6500.
Note
Latest analysis: 4hr Descending Triangle Targeting $7K. BTC still in bear flag.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.