Bitcoin has finally shed some light on its future price trajectory. After 6 long months it has formed a “valid” bear flag, in which the 200MA has acted as a strong support (since January 2022). The 50MA, on the other hand, currently acts as a resistance on the daily. On a smaller timeframe (1 and 4h, see update on previous idea: Final Leg Down), you can see that Bitcoin has finished its 1st impulsive wave down and is nearing the end of its short-term consolidation in wave C. What’s more is the upcoming death cross (3D) may signal the breakout of the bear flag. For now, I am expecting a move towards the 42K range before we start moving impulsively down for wave 3.
Validation bear flag:
The next coming days will be crucial for Bitcoin. Any feedback would be much appreciated.
-If you agree with this, like and share.
Cheers.
Validation bear flag:
- The pole has been formed impulsively (zigzag, 5-3-5);
- The price action in the retracement phase has been moving in a narrow range between two parallel lines and consists of two price waves (ABC correction);
- The price has not retraced to about 50% of the pole;
- Waiting for a bearish candlestick
The next coming days will be crucial for Bitcoin. Any feedback would be much appreciated.
-If you agree with this, like and share.
Cheers.
Comment:
Typo* the price has retraced to about 50% of the pole;
Comment:
Whether we are going to move impulsively down for wave 3 or have a short-term zigzag correction, we're going down.
Whether we are going to move impulsively down for wave 3 or have a short-term zigzag correction, we're going down.
