Bearflag drop reached the exact amount predicted; more downside
Welcome back to another episode of Bearflag after Bearflag. You can see the projected drop of the last bear flag on the 1hr chart hit its target pwith exact precision. The charts are scary accurate sometimes...and now that it has hit its target it has once again gone into consolidation mode and started forming another clear bear flag that can be seen very well on the 1hr and the 4hr charts This current one seems just as likely to continue the downtrend and has a projected fall target of just above 6500 at 6507. It will be interesting to see if it too achieves its projected target to the exact amount, but it wouldn't surprise me if it does...After we get there we may see a bounce that will likely have little volume to go with it and no sustainability and then fall some more but I think probability favors the downtrend still for now...I will put a small limit buy in at 6516 and then save my bigger limit buy for 6021. You of course choose your own path because this is not financial advice, Just a declaration of what I intend to do. Stay safe out there bulls let's somehow turn this thing around at the double bottom, if not we may rech 4000s and even 3000s I still have hope for the double bottom...but there's always a possibility the biggest whales may try to cut us all off at the pass before we even hti double bottom. I try to remain optimistic that double bottom is the real bottom but if I get it wrong and it goes lower I will simply start laddering in just above ey support zones...good luck and thanks for reading!
Comment:
haha and no sooner than the time it took me to write this did the price breakdown...it was still in the flag by the time I wrote this but when I hit publish it is now below...of course with an hour an 20 minutes left to go in todays candle and the current 4 hour candle there may be time to get back up inside the flag and this could be another crazy fake out...but not very likely probability favors the breakdown is going to be legit. Always be prepared for the oppsite of what you expect to occur however because btc often likes to trick the hive mind and herd collective. When everyone assumes one thing is about to happen the opposite tends to...so be on your guard but this should break down just like the others. Be vigilant have nerves of steel...make smart decisions. and good luck
Comment:
it looks like it will be broken out of this bear flag by this current 1hr candles close you usually always want a confirmation candle first...but mac d just flashed the sell signal on the 4hr chart and there's still some room to drop on the 4hr rsi and stoch rsi so I think its very high probability of a breakout....always be prepared for a fake breakout of course though in case it decides to take a U turn.