BTC bear flag formed, approaching our buy zone

This update will be brief before a larger update once we get lower. It's no surprise that we are going lower, is it? On this smaller time frame it's confirmed that we formed a bear flag and we are now hitting the lower support turned resistance of the flag. I would imagine that we will continue down from this point.

From my previous updates I have been calling this thing to go down since around 9.5k. On the larger time frames we are starting to get into oversold territory and we are getting close to our buy zone.

I will be looking to start laddering buys down near this 7k area.

Happy trading,

-Sherem

recent call :

Calls identifying the moves down:

Comment:

If we extend our line out you can see it's held up nicely as resistance. since we aren't getting any type of rebound and I am not confident in a larger bounce yet. All though some of these indicators on the 4hr and 6 hr are turning up a bit. It's really hard to say what type of move we will get over the holiday weekend. I would imagine it would be something like a slow steady move down. Maybe the move down comes sooner because we don't have volume? It seems like it's going to continue down, it's just how it does, is the question.

Of course if we are looking to get any sort of sustained move to the upside, we'll watch this $7,600 level.

Comment:

Per my last update we have been slowing drifting down breaking lows on smaller time frames and it looks like we will get more of a move down before we get a move up. I will do a major update once we bottom out a little more or get a bounce.

Comment:

and as an FYI at this point I want to wait to see how this forms up more. I am comfortable putting buys down at 6600, but not necessarily 7100 at the moment. It looks like it will just drift past that at this point. keep in mind risk management and martingale strategies when you are putting buys in place

Comment:

On my original chart we had identified 7100 as a minor support point, which looks like it held up well and we got a solid bounce. If you are playing the bounce you will notice that we are now at this resistance point as well as kinda hitting this trendline. While I think it will go down still from the larger time frames, I like this price action, it's a good sign of consolidation or that shorts are getting nervous.

Comment:

We are forming this bull flag on this btc and I think it's worth taking a trade to the upside. Been mindful of risk management. I will be structuring this as a long play that could swing lower so I am looking to hold on to it a bit, but it's looking like it will push up.

Comment:

Going Long Martingale style, make sure you read up on it if you don't know what it is! -