BTCUSD Bear Flag
Updated
BTC is currently in a Bear Flag pattern which signals a continuation of the current downtrend. I predict this to fall to the 0.5 fib retracement level at least. There is the possibility (Less likely) of BTCUSD falling further to the 0.382 fib retracement in order to test the LOG downtrend line as support, but i find this scenario less likely with the recent bullish sentiment in the community.
Supports to look out for on the way down would be the .618 fib line at 8500 along with the rising trend line (cyan) from the beginning of our recent move up. The 8500 mark seems like a good possibility for a bounce into the B wave of an ABC correction. Ultimately I see us testing that 0.5 fib at around $8100 though.
Happy Trading :)
-Yoshi
Supports to look out for on the way down would be the .618 fib line at 8500 along with the rising trend line (cyan) from the beginning of our recent move up. The 8500 mark seems like a good possibility for a bounce into the B wave of an ABC correction. Ultimately I see us testing that 0.5 fib at around $8100 though.
Happy Trading :)
-Yoshi
Note
Right now 8500-8600 is strong support. If that breaks we will easily reach the first target at 8100 and possibly retest the LOG downtrend around 7700. Looking pretty bearish right now; let's see if 8500 holds.-Yoshi
Note
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