BTC recently had a failed shorter term bull flag breakout attempt, but it held $57.7k. However, there's a nice looking bear flag forming here and it has broken below. I'll be looking for shorts on a retest or on another rally if we never get a retest. We still have demand shortly below and the critical $57.7k area.
First downside target from there is around $52-$50k which is a previous swing low along with prior support/demand. Final target will be the flag pole target around
46K if $50k gives. I think if $50k gives it's not going to be pretty, but I'd still take profit at 46K and reassess if it hit. First upside target is supply around $60k followed by the previous double top at 
65K if bulls manage to save it from this downside bear flag break.
First downside target from there is around $52-$50k which is a previous swing low along with prior support/demand. Final target will be the flag pole target around
46K if $50k gives. I think if $50k gives it's not going to be pretty, but I'd still take profit at 46K and reassess if it hit. First upside target is supply around $60k followed by the previous double top at 65K if bulls manage to save it from this downside bear flag break.Note
That was a clean bear flag, but it was a fakeout. Big explosion instantly after it reclaimed. Stalled right at supply around $60k. Next upside targets would be the top end of the bear flag and $65k.
You reap what you sow.
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You reap what you sow.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Related publications
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.