Down before Up? Monthly $BTC in a bear flag.
Hey all. After about a year of intense learning, this is my first published idea.The caveat being I am still learning and hope this provides a platform to share ideas, learn from each other and make positive trade decisions.
I was never interested in financial markets until late summer of 2017...when I discovered crypto. I've been hooked ever since and believe in the techs future. Having said that, I am super bullish on the long term of crypto. For now I'm trying to analyze price action/technical indicators with the idea of becoming a full-time trader. This chart post marks my first public foray into this world.
All comments and criticisms are welcome.
Now for the TA:
Looking at the monthly chart, I notice
BTC forming a very obvious bear flag. Coupled with the EMAs 7/15/30 converging to provide resistance...I anticipate a breakdown to the red box. Not overnight of course, but if BTC doesn't break through that resistance and find support above 4k this is a likely scenario.
I will attribute this idea to whomever deserves it once I find the source again, but in effect they said: the ride up/down won't be parabolic like before. Now there are historical support and resistance lines people are paying attention to. The moves up, or down, will be check by historical price action.
Time will tell (JUNE) if this prediction holds true.
I was never interested in financial markets until late summer of 2017...when I discovered crypto. I've been hooked ever since and believe in the techs future. Having said that, I am super bullish on the long term of crypto. For now I'm trying to analyze price action/technical indicators with the idea of becoming a full-time trader. This chart post marks my first public foray into this world.
All comments and criticisms are welcome.
Now for the TA:
Looking at the monthly chart, I notice
BTC forming a very obvious bear flag. Coupled with the EMAs 7/15/30 converging to provide resistance...I anticipate a breakdown to the red box. Not overnight of course, but if BTC doesn't break through that resistance and find support above 4k this is a likely scenario.I will attribute this idea to whomever deserves it once I find the source again, but in effect they said: the ride up/down won't be parabolic like before. Now there are historical support and resistance lines people are paying attention to. The moves up, or down, will be check by historical price action.
Time will tell (JUNE) if this prediction holds true.
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