Potential Bear Flag in BTC

Hey all!

Could we be forming a large bear flag in BTC? This would predict that we go further down to test the support around $8200 or $8000 (a large even number). Thoughts?

All the best,
James

Comment:

Should also mention this is using the 1 hour bars! For the record, I'm going to assume this is a bear flag and not put in a buy order until either 1) I see BTC drop down below $8500 OR 2) I see BTC rise above the $9400 resistance level. I might dabble a few small orders here and there, but I won't put all I have until I see one of those scenarios play out.

Also for the record, I'm leaning HEAVILY towards the 1st scenario. I think we need to have a greater retracement and test the support on the downward channel. If we have a bounce from that, then that's a very bullish sign indeed.

And if the 2nd occurs, then that's a lesson to learn I suppose :) it's all part of the game lol thankfully, since I (and hopefully most of you) am high in the profit now, I'm more willing to take slightly higher risks!

All the best,
James

Comment:

Nailed it :D woo woo!