A Closer view of BTCUSD - BEAR FLAG ALERT !!!
I zoomed in so that you can see a closeup of the Triangle I have been studying for the past few days. Below is the last entry from my previous chart posting.
"Yet another Bear Flag is on deck! The last flag break was good for over 1,000 points and this flag, when it breaks South, is projected to go down to around the 8,600 area.
I believe that kind of move south would trigger an onslaught of long covering and short selling producing a very wild ride until things settle.
The bulls and bears will definitely be having the fight of their lives!"
I will make additional posts using this chart until the need arises to zoom out again.
Happy Trading !
"Yet another Bear Flag is on deck! The last flag break was good for over 1,000 points and this flag, when it breaks South, is projected to go down to around the 8,600 area.
I believe that kind of move south would trigger an onslaught of long covering and short selling producing a very wild ride until things settle.
The bulls and bears will definitely be having the fight of their lives!"
I will make additional posts using this chart until the need arises to zoom out again.
Happy Trading !
Trade active:
9400 has fallen and what was previously support now looks like it will turn into resistance. The original 8600 Bear Flag target is still on the table although the price has paused around 8900 which is also the 200 Day Moving Average. Not EMA just MA. If 8900 doesn't hold, look out below!!!!
Trade active:
The Bear Flag target was reached by pinning 8563 as of this post. Now looking to see if the Triangle Break Target will also play out around 5K. If so, there will be a lot of crying over this one. Many have been calling the turn back to 20K+ for a couple months now. Each time, a little more dejected than the last. I hope we don't have any jumpers among us......
Trade active:
I took a small long position when the price hit my Bear Flag target. I expect to take it off around 9400 as that my prove to be a new resistance area. 9400 use to be old support, so now there is a good chance it will become new resistance on the way back up.
Comment:
I'm flat. Jumped out when it hit 9400. Just watching at this point. Still waiting to see if the Triangle Break target is hit....
Comment:
Still sitting on my hands just watching..... 100% cash at the moment. I'm waiting to see how the break of the triangle plays out. Will we hit the target area? If so, I will definitely start building a long position. I suspect many others will too. :D
Good luck to all - Long, Short, Flat. - I am currently Flat. All cash still waiting for the REAL bottom......