BTC/USD is not looking great, painting bear flags all the way down.
Currently we have 2 bear flags with our targets beings :
Flag 1 : $5,500 Range
Flag 2 : $6,400 Range
Both of those targets are in the Double bottom territory in my opinion with BTC bounce at $6,000. I do not see it being supported strongly there as it would break all bullish trends from last years rally.
We have a wedge and a fib support at $7,200 level which in my opinion is perhaps the last hope for BTC to remain above $6,000.
Any close below $7,000 I would say we are entering a long term bear market, with targets being as low as $2,000 for maximum shakeout of the market.
Have to remember that we went really parabolic last quarter of 2017, and coming back to a more steady rise puts us all the way to $3,000 range. Overall this will reset the market and lead us to a more steady adaptation, in which my hopes are that BTC will be adopted for its use and not only because of its value constantly coming up.
Currently we have 2 bear flags with our targets beings :
Flag 1 : $5,500 Range
Flag 2 : $6,400 Range
Both of those targets are in the Double bottom territory in my opinion with BTC bounce at $6,000. I do not see it being supported strongly there as it would break all bullish trends from last years rally.
We have a wedge and a fib support at $7,200 level which in my opinion is perhaps the last hope for BTC to remain above $6,000.
Any close below $7,000 I would say we are entering a long term bear market, with targets being as low as $2,000 for maximum shakeout of the market.
Have to remember that we went really parabolic last quarter of 2017, and coming back to a more steady rise puts us all the way to $3,000 range. Overall this will reset the market and lead us to a more steady adaptation, in which my hopes are that BTC will be adopted for its use and not only because of its value constantly coming up.