Abandon ship! Just broke bear flag recently formed over the past 4 hours or so, which formed inside a potential bigger bear flag.
Small time frame, LTC triangle bottom trendline proving resistive as bounce touched the line and shot back down...
Big pennant/bear flag forming as we approach the apex of the triangle (log scale).
Possible guide for the next few days. 2 wave was deep so the 4 should be shallower. Again the apex of triangle only a few weeks out so this thing is ripe for the breaking.
Did we create a local bottom few hours ago? If not, here is a scenario that seems to fit. Red lines are strong resistance established months ago using log scale (3 touches on each line - see link below). Left fib tracement (6000 to 11800) shows 7250 pullback touched the 786 retracement AND the red trendline perfectly. Notice the 786 retracement for latest 7250 to...
Log scale, critical support levels for BTC. Do we hold it? Or break it? We shall see shortly.
Another bear flag possibly forming here. Purple dashed line connects 2/6 low with recent 7250 low.
Magics triangle in red. Possible flag forming, trade the break with tight stop back into the flag. Target of bear flag 1:1 extension of the pole.