BTC Bear Flag Continues - Soon Coming to an End?
Good morning ladies, gents, and all non-binary peoples.
As you can see this morning we are still continuing on with the bear flag continuation from the last few days. The bulls put in a whole lot of work yesterday but just could not break the now converging resistance-trend lines.
To their credit they were pretty close, smashing the 200SMA and briefly breaking the 9000USD flag marker, but not quite reaching the top of the pole.
I would be led to believe that this flag is going to continue bear today, and that we will be retesting a joint 200SMA, and 8000USD resistance/support line.
Whether we will see another bounce off the 8k mark, only time will tell what work the bulls can put in, but I am personally expecting it to break down after seeing the volume drop, the market cap starting to once again decrease after yesterday's huge surge, and the 1 Day Bollinger Bands are wide open. It could very well just be another consolidation though, again, keep your eyes on the charts!
What I would expect with a breakdown below 8000USD/200SMA is for the price to drop somewhere between the 7000 and 6300 area over the next 2-3 days (unless we see a huge dump). With the MACD once again touching on the 1 Day chart, ~8000k would be the safe, conservative guess of a price bottom.
That's all from me, I may update periodically throughout the day as the action develops.
Stay safe, gamble smart, and don't FOMO your money away!
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot***
As you can see this morning we are still continuing on with the bear flag continuation from the last few days. The bulls put in a whole lot of work yesterday but just could not break the now converging resistance-trend lines.
To their credit they were pretty close, smashing the 200SMA and briefly breaking the 9000USD flag marker, but not quite reaching the top of the pole.
I would be led to believe that this flag is going to continue bear today, and that we will be retesting a joint 200SMA, and 8000USD resistance/support line.
Whether we will see another bounce off the 8k mark, only time will tell what work the bulls can put in, but I am personally expecting it to break down after seeing the volume drop, the market cap starting to once again decrease after yesterday's huge surge, and the 1 Day Bollinger Bands are wide open. It could very well just be another consolidation though, again, keep your eyes on the charts!
What I would expect with a breakdown below 8000USD/200SMA is for the price to drop somewhere between the 7000 and 6300 area over the next 2-3 days (unless we see a huge dump). With the MACD once again touching on the 1 Day chart, ~8000k would be the safe, conservative guess of a price bottom.
That's all from me, I may update periodically throughout the day as the action develops.
Stay safe, gamble smart, and don't FOMO your money away!
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot***
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