BTC is struggling to break cyan resistance line.
We might be witnessing a possible reversal at the 144 fibo time zone, also RSI was recently oversold.
It has already formed a tripple bottom earlier, piercing the bb bands, which sent it lower, but it was stopped by the bottom of the flag.
Now it has formed the same pattern again but this time it's already at the bottom of the bear flag channel.
So as the price has to go down, the channel can be easily broken.
Not only that, the bollinger is tightening, look at bb%w, it's about to make a bigger move I think.
And as soon as it breaks the bottom of the flag it may trigger an even bigger sell off sending it as low as 4k, to the bottom of a wedge.
We might be witnessing a possible reversal at the 144 fibo time zone, also RSI was recently oversold.
It has already formed a tripple bottom earlier, piercing the bb bands, which sent it lower, but it was stopped by the bottom of the flag.
Now it has formed the same pattern again but this time it's already at the bottom of the bear flag channel.
So as the price has to go down, the channel can be easily broken.
Not only that, the bollinger is tightening, look at bb%w, it's about to make a bigger move I think.
And as soon as it breaks the bottom of the flag it may trigger an even bigger sell off sending it as low as 4k, to the bottom of a wedge.
Comment:
I made some typo, I meant a triple top and overbought rsi.