Breakdown from long poled bear flag very bearihs sign for btc
looks like we have a big projected drop target to be concerned about here if this breakdown confirms which it seems very likely it will...the projected drop target for this breakdown actually has us going below the bottom trendline of the weekly chart descending triangle pattern. However it's probably a safe bet to put a limit buy back in just above the bottom trendline as by the time it falls that far it will likely be oversold on the 1 day rsi and it may be a strong enough line of support to bounce it back up from there....of course, it could eaily do a fake break downward from the descending triangle much like it has already now done 2 fake breakouts upward......the other very bearish sign that could happen is a very large head and shoulder pattern that is currently still very valid. If it were to trigger then we could see btc dropping all the way to the 3ks...the damage that would do to the alt market I can't even fathom right now...so let's hope it doesn't get to that point.
Comment:
We have fortunately seen a small reversal on price action enough to get the price back above the weekly descending triangles top trendline...if we can stay above that trendline before the weekly candle closes 8 hours from now it will be a very good sign! Let's hope we do.