Bear Flag targeting 6k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
259 6
Bear Flag on the 4h chart, plus all moving averages headed to down.
Trade closed: stop reached: Target reached on 7300
Just look at the volume in the bear flag. People are accumulating here. It is going up to retest the downtrend resistance before crashing down again.
+1 Reply
VWuelfrath VWuelfrath
@VWuelfrath, I'm talking here about the logscale downtrend, which is the one that matters most
+1 Reply
autoramajj VWuelfrath
@VWuelfrath, Agree
The Bottom of the flag is offering strong support. The downtrend line represented in blue, in your chart, is also offering some support. I will not be surprised if it does a bear trap (a small dip into $8,800 territory)to shake the coins out of people's hands and them spike up to around $10K.
A lot of hungry wolfs out there salivating for our BTC. Trade with care.... Use Stop-Limit order to control losses. The "is going to $6K now!" is getting kind of old now.
+2 Reply
@Artesp, True that
+1 Reply
@Artesp, Nice
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