🔥 Bitcoin's Bear Flag: More Downside Before Chance On Reversal
In my most recent BTC analysis I talked about Bitcoin's bear-flag pattern. In said analysis I shared my thoughts about my expected price action. My previous idea remains the same; we're going to see more bearish price action before we have any chance on a meaningful reversal.
With stocks selling off significantly last week, BTC failed to produce a meaningful rally towards the top of the bear-flag. On the contrary, BTC has fallen through the first support and is now making it's way towards the yellow marked ideal support area.
My ideal support area is the area between the lower support of the bear-flag and the support which has connected the summer-21 lows with the January fear-bottom. Be aware that if the stock-markets will continue to sell-off we might even fall towards 30k or so. The upcoming FED interest decision will be a make-it or break-it for BTC.
Happy trading!
With stocks selling off significantly last week, BTC failed to produce a meaningful rally towards the top of the bear-flag. On the contrary, BTC has fallen through the first support and is now making it's way towards the yellow marked ideal support area.
My ideal support area is the area between the lower support of the bear-flag and the support which has connected the summer-21 lows with the January fear-bottom. Be aware that if the stock-markets will continue to sell-off we might even fall towards 30k or so. The upcoming FED interest decision will be a make-it or break-it for BTC.
Happy trading!
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