In my previous Bitcoin analysis, I argued that, in my opinion, the correction for BITSTAMP:BTCUSD was not yet over, and we could potentially witness a drop to the 36k zone. Since then, the price dipped below the 40k zone and rebounded back to almost 44k. However, this rebound exhibits a corrective structure, resembling a bearish flag, suggesting that a new downward leg could follow. In conclusion, as long as the 45k level remains intact, selling rallies could prove to be a sound strategy with favorable risk-reward potential.
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Bitcoin broke under flag's support
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BTC reversed after confirmation of the break of the bearish flag
Thank you for the idea. I think $36,000 might still be in the picture. But, right now, I am concentrating my focus on the channel below. Interestingly, its lower bound coincides with 20-day and 50-day SMAs acting as alternative resistance levels (which are already in bearish constellation, following the recent crossover).