BTCUSD: Worst Case Bear Flag Extrapolation & BTFD Scenario

Updated

Bear flag on 4hr time-frame, vs bullish support on longer-term time-frames. This extrapolation would be a breakdown of the bear flag targeting around 7.4K and again testing the previous maro bull flag resistance turned support trend-line, before continuing the bullish rally to 11.5K. The 4hr RSI remains oversold while struggling to leave these conditions, indicating room to fall lower. Long-term time-frames say DYOR and BTFD.

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BTCUSD VPVR Part 2: Volume Point of Control Now Turned Support

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Note

Correction: the 4hr RSI is in bearish territory (as of publishing) and currently testing the neutral zone at 40. Same principle applies, plenty of room to move down if selling pressure continues.

Note

Looks like we've broken out this bear flag to the upside for now. This doesn't negative the possibility of a worst case scenario to mid sub 8K level, now the Weekly TD is on a Red 2, but it won't be from this bear flag extrapolation that has been invalidated.

As of yesterdays close, I'm feeling more confident about a bounce from these levels due to the Daily MACD histogram confirming bearish exhaustion from oversold conditions (<-175):

BTCUSD: Daily MACD Signalling Seller Exhaustion at $8,500

dragononcrypto

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