BTCUSD
is now showing a very strong-looking bearish flag. 1st target level is labeled on the chart. 2nd target level is a somewhat less likely target based on a head & shoulders pattern that I outlined a couple weeks ago and have linked to this chart below. trade at your own risk.
Trade active:
market panic from bad news from South Korea confirms chart
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looks like it may actually want to go sub $10k, we'll see though
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updated chart. I've no idea what will actually happen out of these two pathways, but my guy says the first (top) pathway is more likely now.
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there's also a possibility that the price will bounce from around the middle of the long-term trend channel (the purple line here):
I think at this point, all three paths I've outlined so far are equally likely.
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another bulltrap fractal in the making. should go to my labeled target here, probably a little bit higher though. afterwards I expect it to bounce off of one of the 3 trendlines in my above chart.
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revised my order. should go to the #1 fib extension.
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update for medium term outlook (most probable path outlined):
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new likely pathway:
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dropping WAAAAY faster than I expected:
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update: seeing some capitulation here off the top of the main trend channel; may go up to the .618 fib line (possibly higher) before continuation of the main downtrend.
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here we have a bearish continuation flag:
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looking like a bearish pennant is forming, target labeled on chart below:
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rising wedge suggests continuation of downtrend:
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descending volume within the rising wedge confirms the bearish continuation pattern
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this reactionary movement against the downtrend has become a bit more protracted than I expected initially. only becoming a larger rising wedge, which suggests that the downward movement will be larger. expected target: $5k
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update: looks more like a bearish flag at this point. target based on pattern projection is $5033
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high volume breakout from an inverse head & shoulders confirms current target of $12.1k:
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a break below this small head & shoulders on the hourly would confirm a move to $9.7k; further downward movement to at least $8.5k or lower would be likely after that
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forgot the chart for above update:
