BTC bear flagging: 17k before correction to 9k
Updated
BTC has had a unbelievable year, but it is now starting to come to a head in the final weeks and days of 2017.
Right now, it appears that BTC is making a large bear flag which should see it hit around 17k before potentially dropping to ~9k.
Now, this is BTC, so there's always a caveat. I've seen BTC break up out of rising wedges, head and shoulders' and bear flags before, so just keep a close eye on the price action around 17k and be prepared to close your longs.
Right now, it appears that BTC is making a large bear flag which should see it hit around 17k before potentially dropping to ~9k.
Now, this is BTC, so there's always a caveat. I've seen BTC break up out of rising wedges, head and shoulders' and bear flags before, so just keep a close eye on the price action around 17k and be prepared to close your longs.
Note
BTC is teetering on the edge of the abyss.On the lower time frames (1HR) it is forming a small h&s
On the bigger time frame (4HR) it is just poking out the bottom of the flag, RSI is turning down and it's just crossing the 50 MA.
As I said at the beginning though, there's always a caveat when providing TA on BTC. It could ignore all of the bearish shapes and continue upwards. With that said, it's in a precarious situation right now.
Note
So the small H&S decided to actual break down this time.... fancy that, BTC adhering to a bear shape!This could be part of a bigger H&S, which I'll chart now.
Note
And here is the larger head and shoulders at work:Let's keep an eye on this.
Note
BTC has definitely broken to the down side and this should worry everyone who currently holds BTC.The bear flag didn't complete, but it's morphed into a descending triangle which has been articulated nicely in the following analysis:
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