Bitcoin bearish flag - target level ~$6692

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC/USD             is showing a clear bearish flag here. if labeled support is broken (and it probably will considering overall market conditions), target level is labeled on the chart.

trade at your own risk
Order cancelled: pattern invalidated
Comment: please note that this actually still could be a valid bearish flag here...
however, I do not recommend trading this market at this time. do NOT trade unconfirmed patterns during an extremely iffy market like this.
Trade active: breakout to downside confirms target
Comment: bullish divergence on RSI and MACD suggest a movement to around the bottom of the bear flag trendline. should provide a good opportunity to build short positions.
Comment: change of situation as outlined in my last update:
bearish flag here should see a small bounce to $8.3k before a breakdown to $7.1k area (assuming the bottom of the flag breaks, which it should)
Trade closed manually: the potential for a bullish reversal at this point cannot be excluded, and there are a number of possibly bullish formations on the chart now. will update with a new chart once it becomes more clear.
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