Bitcoin: BTC Broken Channel - Bearish Confirmation? (Aug. 22)
Continuing from our previous update, we have given the immediate scenario of Bitcoin possibly falling down to lower levels, and is now currently playing out:
We believe this can be the next scenario:
1. RSI continues making lower highs
2. Lower highs can continue making bear flags along the way down, as depicted in our chart above
3. Profit taking would be possible at each support level until the larger picture is drawn.
- We believe the larger picture will be a falling wedge, turned into a possible breakout, or,
*Optional* 4. Break the channel altogether and possibly fill the void for the CME gap that many bears are looking at.
Trade Safe.
X Force.
We believe this can be the next scenario:
1. RSI continues making lower highs
2. Lower highs can continue making bear flags along the way down, as depicted in our chart above
3. Profit taking would be possible at each support level until the larger picture is drawn.
- We believe the larger picture will be a falling wedge, turned into a possible breakout, or,
*Optional* 4. Break the channel altogether and possibly fill the void for the CME gap that many bears are looking at.
Trade Safe.
X Force.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.