Should Bitcoin complete Bearish Flag pattern ??
XBTUSD Technical Overview:
Pivot: $6342
Day Trading Range: $6250 - $6630
Key Resistance: $6410 - $6450 - $6520 - $6585 - $6620
Key Support: $6364 - $6338 - $6281 - $6230 - $6150
Technical Indicator:
Moving Average: Price is above SMA 55($6390) strong support & below SMA 100($6492) strong resistance for the day.
RSI: Indicator show upside bias, moving above 50 level.
Technical Trade Idea:
Most Likely Scenario Short below $6342 with target $6300 - $6250 in extension.
Alternative Scenario Long above $6342 with target $6450 - $6520 in extension.
Overall, XBTUSD price action the recent range-bound behavior has formed a bearish flag pattern. Bearish flag pole is around $1000 from the top to the bottom for the pole, should the bears breakout, could force Bitcoin doing to the $5500 territory.
Technically, given the mentioned flag patter formation, it does suggest XBTUSD could be vulnerable to a breakout to the downside. If playing by the textbook, the flag pole of the bearish flag is around $1000 in value, which could see a $1000 drop, should the bears pick up momentum and cause a breakout to the downside. Near-term support eyed at $6200-100. Resistance to the upside seen at the upper part of the flag and current range, $6600.
Thanks
YoCryptoManic
Pivot: $6342
Day Trading Range: $6250 - $6630
Key Resistance: $6410 - $6450 - $6520 - $6585 - $6620
Key Support: $6364 - $6338 - $6281 - $6230 - $6150
Technical Indicator:
Moving Average: Price is above SMA 55($6390) strong support & below SMA 100($6492) strong resistance for the day.
RSI: Indicator show upside bias, moving above 50 level.
Technical Trade Idea:
Most Likely Scenario Short below $6342 with target $6300 - $6250 in extension.
Alternative Scenario Long above $6342 with target $6450 - $6520 in extension.
Overall, XBTUSD price action the recent range-bound behavior has formed a bearish flag pattern. Bearish flag pole is around $1000 from the top to the bottom for the pole, should the bears breakout, could force Bitcoin doing to the $5500 territory.
Technically, given the mentioned flag patter formation, it does suggest XBTUSD could be vulnerable to a breakout to the downside. If playing by the textbook, the flag pole of the bearish flag is around $1000 in value, which could see a $1000 drop, should the bears pick up momentum and cause a breakout to the downside. Near-term support eyed at $6200-100. Resistance to the upside seen at the upper part of the flag and current range, $6600.
Thanks
YoCryptoManic
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