BitcoinShort
BTCUSD 9/25/2022
Updated
BTCUSD
Daily chart analysis
The original analysis was spot on
BTC had been moving sideways between 31k-60k from Jan.’21 thru Apr.’22
It finally broke down May’22 and the sideways price action was classified as a Distribution stage.
This now means BTC is at the start of a downtrend.
Since the breakdown from Distribution stage, price pulled back in form of a Bear flag.
The bear flag was confirmed after price broke down from flag.
Price is currently at lows of flag and looking to continue downtrend.
Entering trade short.
Entry: 18,810.00
Stop loss: 24,241.00
Target: 12,098.25, +35.68%, 1.24 RR ratio
Daily chart analysis
The original analysis was spot on
BTC had been moving sideways between 31k-60k from Jan.’21 thru Apr.’22
It finally broke down May’22 and the sideways price action was classified as a Distribution stage.
This now means BTC is at the start of a downtrend.
Since the breakdown from Distribution stage, price pulled back in form of a Bear flag.
The bear flag was confirmed after price broke down from flag.
Price is currently at lows of flag and looking to continue downtrend.
Entering trade short.
Entry: 18,810.00
Stop loss: 24,241.00
Target: 12,098.25, +35.68%, 1.24 RR ratio
Note
So far so good.People say BTC is "digital gold" yet its not following the same direction as gold.
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