Price did a nice bounce yesterday and currently is testing the channel. If btc can break 40k and get into this channel back, this scenario will likely be cancled. For now it's still a downtrend with bearish break out.
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As we can see price can't get into tha channel back. Day isn't over, but damage was doneNote
So indeed it was a bear flag and after the retest of 40k (channel boundary) price went down really quick. Where it can stop? Next possible bounce area would be around 33-34k - the bigger channel bottom. I am not saying to set long orders there, we still need to see the price action, it could also break this channel to the downside Note
And we are almost there. I expect to see a bounce here. But better to be careful - it can wick thru this channel quickly and then bounce up. And don't forget this is still a downtrend ;)
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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.