Hello all, and welcome to all my new followers.
Looking at BTCUSD on 4HR timeframe, we see a confirmed formation of a bear flag pattern. This pattern has a potential downwards move all the way down to $20,000 which is another 28% drop. This is very realistic and more like the real bottom of this cycle.
The $20,000 is a huge level of support not only for being a psychological level but also for being previous ATH.
The top/resistance of the bear flag pattern sits at approximately $32k.
Overall, Bitcoin is above 30k mark and trades inside a falling wedge pattern ( bullish pattern ). The price of BTCUSD can perhaps break bullish out of the bear flag and reach the top of the falling wedge pattern at around 37k mark.
If we lose the 30k level again with high selling pressure, I will expect the bear flag to play out where the weekly 200 MA sits at 32K.
Thanks for reading, and stay tuned. Enjoy.
Looking at BTCUSD on 4HR timeframe, we see a confirmed formation of a bear flag pattern. This pattern has a potential downwards move all the way down to $20,000 which is another 28% drop. This is very realistic and more like the real bottom of this cycle.
The $20,000 is a huge level of support not only for being a psychological level but also for being previous ATH.
The top/resistance of the bear flag pattern sits at approximately $32k.
Overall, Bitcoin is above 30k mark and trades inside a falling wedge pattern ( bullish pattern ). The price of BTCUSD can perhaps break bullish out of the bear flag and reach the top of the falling wedge pattern at around 37k mark.
If we lose the 30k level again with high selling pressure, I will expect the bear flag to play out where the weekly 200 MA sits at 32K.
Thanks for reading, and stay tuned. Enjoy.