BTC has failed to break the resistance at $8.5k twice, and is currently moving to attempt it a third time. It is unlikely BTC will break this resistance level, if it does it is likely to fail to break the resistance at $9k. Once BTC bounces off this resistance it is likely to retest the support levels at $7.0k-$7.2k. It should bounce off this support, but will likely break these support levels and move to retest the $6k support levels.
Note
The bear flag will be invalidated if BTC moves above 10k.Note
Bear flag invalidated if BTC moves above $10k.Note
BTC is in a rising wedge, and is unlikely to break the 9k level. Though it may bounce off the bottom line of the wedge once more, we are most likely going to enter into a downward trend in the near future.
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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.