BTCUSD - Flag within a Flag - BEARISH
Updated
My last chart was about multiple bearish indicators for BTCUSD, including a large H&S pattern forming and a rising wedge pattern, which we broke through to the downside.
Now, we're getting embedded flag within a flag pattern, which is bearish both short and medium-term.
A flag pattern like this does not always guarantee a break to the downside; in fact, the same pattern over the period 12/23 to 12/25 actually broke to the upside in a reversal. However, usually these patterns hold, and this combined with other multiple bearish signals leads me to believe the price will drop significantly over the next days/weeks.
As you can see, I am Long in BTC, as I am in it for the long haul. But if you are a daily or short-term trader, beware!!
Now, we're getting embedded flag within a flag pattern, which is bearish both short and medium-term.
A flag pattern like this does not always guarantee a break to the downside; in fact, the same pattern over the period 12/23 to 12/25 actually broke to the upside in a reversal. However, usually these patterns hold, and this combined with other multiple bearish signals leads me to believe the price will drop significantly over the next days/weeks.
As you can see, I am Long in BTC, as I am in it for the long haul. But if you are a daily or short-term trader, beware!!
Note
The price has broken down through the bottom of both of these flags. I hope your seat belts are fastened....
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