BTCUSD: Massive Bear Flag, Huge Bearish Wave Setup!

Aug 1

Hello There,

welcome to my new analysis about BTCUSD on the 4-hour timeframe perspective. BTCUSD is still in a highly crucial phase, which could lead to the bearish situation to accelerate in the upcoming times. In this current dynamic, I have spotted pivotal signs that are highly important to consider. Especially if further bearish pressure unfolds, this could lead to a trade on the short side to profit from falling prices.

As when looking at my chart, we can watch there how BTCUSD is trading within this bearish descending channel development. It has a massive bearish resistance within the descending trendline from where it already pulled to the downside and accelerated heavy bearish pressure. Right now, it is approaching this line again and is likely to set up the next bearish wave from this point of view.

The crucial phase of this whole formation will come when BTCUSD bounces below the lower boundary of the formation and forms this bearish setup seen in my chart. Once this has been completed, BTCUSD is going to activate the bear flag target zone as marked in my chart. If bearish volume should increase, this is going to accelerate the bearish dynamic.

In this manner, thank you a lot for watching!
The support is highly appreciated.

VP

Aug 2

Trade active