BTC bear flag 1hr chart. 6000 target

BTC has put in a bear flag on the coinbase charts after the break of the long term rising wedge a few days ago. We are now retracing of the 100MA on the 1hr chart with this bear flag at resistance, with a possible double top after a 5 min MACDH divergence in overbought territory. So lots of confluence that could make us reverse here.

First profit target is the break of the bear flag, second lower falling trend line, 3rd 6000 (700 points from break of flag as flag pole is 700 points high).

We should note that we are currently inside a falling wedge so best to play it safe and scale out profits at points 1, 2 and 3. Stop remains at the high of 6920 for conservative trading, 7205 and 7480 for longer term shorts. Bear flags often don't work out so I have a small short position here with a stop at 6920 and other shorts with stops higher up.

Any momentum break of the falling wedge though would negate my shorts before my stops are hit and I might reverse and look at longs.

Happy trading!

Trade closed manually:

Stopped out on the smaller position but nice profits on the one with wider stops at 6500 target. Thats the thing about rising channels, difficult to know where the top is so good to have main tops further away