BTC broke below the bear flag, that it formed back June, for the first time on Aug 26 with a large red candlestick. Since then it has been UNABLE to reclaim the BF channel as support.
On Aug 29th we got a BEARISH cross of the 21 below the 50, and we are below ALL moving averages EXCEPT the 9SMA.
The bulls will look to try and reclaim the 21SMA @ $20.8K. If successful, they will then look to break back INTO the BF channel and get above the 50 & 100SMAs between $21.5K & $23K.
I'm personally looking for a rejection @ the 21SMA or BF support channel at the most.
On Aug 29th we got a BEARISH cross of the 21 below the 50, and we are below ALL moving averages EXCEPT the 9SMA.
The bulls will look to try and reclaim the 21SMA @ $20.8K. If successful, they will then look to break back INTO the BF channel and get above the 50 & 100SMAs between $21.5K & $23K.
I'm personally looking for a rejection @ the 21SMA or BF support channel at the most.