BTC price target 7200 after break from Bear Flag Channel
Updated
So after hitting the target for the Bearish Gartley earlier this week… we fell into this bear flag channel for a few days. We broke out earlier after completing another…. Bearish Gartley.
Geez. It’s like charting Inception lately. Patterns within patterns.
So let’s keep this simple.
That Red moving average is the 271 EMA on the daily (Fibonacci number). Very strong support.
Each daily candle has closed above it for 3.5 days now. But it will break soon enough… we can’t sit on it forever.
The channel began when we bounced at 7676 from the .618 ATH fib.
Based on the assumption of symmetry from the length of the previous drop…
The target price for BTC for a bounce once OUT of the channel… is 7200 at the lowest… maybe up to 7350 depending on when it falls.
If it falls in the next 2.75 hrs… it’s likely going straight to 7.2k, the .786 fib retracement (of the 11,7 high and 6k low).
We’ll probably get strong resistance at 7700ish on the way down due to re-testing that bottom.
Below 7200, the supports are:
377 daily EMA is at 6980.
300 MA from the 6k low is now at 7k.
So those 2 converging at 7k, plus psychological support of a large, round number… would make that a strong support level, and my bet for the next lowest low before a strong bounce.
Geez. It’s like charting Inception lately. Patterns within patterns.
So let’s keep this simple.
That Red moving average is the 271 EMA on the daily (Fibonacci number). Very strong support.
Each daily candle has closed above it for 3.5 days now. But it will break soon enough… we can’t sit on it forever.
The channel began when we bounced at 7676 from the .618 ATH fib.
Based on the assumption of symmetry from the length of the previous drop…
The target price for BTC for a bounce once OUT of the channel… is 7200 at the lowest… maybe up to 7350 depending on when it falls.
If it falls in the next 2.75 hrs… it’s likely going straight to 7.2k, the .786 fib retracement (of the 11,7 high and 6k low).
We’ll probably get strong resistance at 7700ish on the way down due to re-testing that bottom.
Below 7200, the supports are:
377 daily EMA is at 6980.
300 MA from the 6k low is now at 7k.
So those 2 converging at 7k, plus psychological support of a large, round number… would make that a strong support level, and my bet for the next lowest low before a strong bounce.
Note
Currently stuck on the 250 day moving avg. 8k acting as resistance now.Volume diminishing. Not enough to hold.
Note
Hit the Fibonacci line exactly. Still lacking volume.Thanks for the support, everyone. Been a rough week for all of us who prefer bullish volume.
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.