🔥 Bitcoin Bearish Channel Break Out: Further Fall Expected
A couple days ago I made an analysis on BTC and the bear-flag it was trading in. In said analysis I said that it was very likely that BTC would move all the way down to retest the support of the bear-flag. And, here we are.
I've added a new bearish target line on the chart, see bottom blue line. A break out bellow the lowest support line would mean a bearish break out of the bear-flag and signal a move to the 17.5k lows. Bear flags are theoretically more likely to break bearish, so we're assuming a move to 17.5k until proven otherwise.
For now, I expect a minor bullish move towards the bottom support line of the bearish channel, see purple line. The RSI is quite oversold, so it's likely we can get some minor bounce going.
Blue dotted lines are bear flag supports which function as targets for the coming week or so.
I've added a new bearish target line on the chart, see bottom blue line. A break out bellow the lowest support line would mean a bearish break out of the bear-flag and signal a move to the 17.5k lows. Bear flags are theoretically more likely to break bearish, so we're assuming a move to 17.5k until proven otherwise.
For now, I expect a minor bullish move towards the bottom support line of the bearish channel, see purple line. The RSI is quite oversold, so it's likely we can get some minor bounce going.
Blue dotted lines are bear flag supports which function as targets for the coming week or so.
🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.