Hello Friends, just like previous posts I published. BTC is in a bearish mode and will remain so unless we are able to retest the upper resistance (marked on chart) and have a break through, otherwise BTC is heading south towards LL and LH.
We have a decline in volume since this years ATH and there are several bearish patterns that have formed on various time frames, which point to LL according to what the particular patterns dictate.
1) The largest pattern is the head and shoulders pattern which spans from May 18th to current time frame. H&S tells us that BTC is headed towards $4800.00
2) Next in line is the descending price channel that began June 26th. This channel says that BTC is headed towards $4872.00
3) BTC created it's first bear flag July 12th to July 16th and the following day BTC hit $9071.00
4) Aug 12-17th Bear flag formed yet recovered on the 4hr time frame only to form a larger bear flag on the daily.
5) Bear flag #3 Aug 6th to the 20th on the daily timeframe. This bear flag is looking to go as low as $7500.00 if BTC losses it momentum.
I would stay out of this trade just to see what happens. If BTC breaks the resistance within the flag, then that is a sign of another failed bear flag and a good opportunity to secure profits. However, if BTC closes below the support line within the flag then we will see a big move downward to the size of the flag and then possibly the size of the pole.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
We have a decline in volume since this years ATH and there are several bearish patterns that have formed on various time frames, which point to LL according to what the particular patterns dictate.
1) The largest pattern is the head and shoulders pattern which spans from May 18th to current time frame. H&S tells us that BTC is headed towards $4800.00
2) Next in line is the descending price channel that began June 26th. This channel says that BTC is headed towards $4872.00
3) BTC created it's first bear flag July 12th to July 16th and the following day BTC hit $9071.00
4) Aug 12-17th Bear flag formed yet recovered on the 4hr time frame only to form a larger bear flag on the daily.
5) Bear flag #3 Aug 6th to the 20th on the daily timeframe. This bear flag is looking to go as low as $7500.00 if BTC losses it momentum.
I would stay out of this trade just to see what happens. If BTC breaks the resistance within the flag, then that is a sign of another failed bear flag and a good opportunity to secure profits. However, if BTC closes below the support line within the flag then we will see a big move downward to the size of the flag and then possibly the size of the pole.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
