Bitcoin: BEARISH in the short term, BULLISH in the long term

BTCUSDT

Bitcoin is showing a confluence of bearish signs in the short term. A confirmed double top followed by a confirmed bear flag on the 1D. Best case scenario is we see a rally after a one-candle confirmation of the bear flag and a bounce off of the .382 Fib level. The more likely scenario is a retracement to recent swing lows of $9100. We bounced off of this level on July 17 with declining volume, which can be seen as bearish divergence; so a retest of that level to ensure its validity is likely. The MACD's histogram is expanding with longer red bars and the RSI's momentum is still declining.

The BUY ZONE for BTC is between $7300 and $8900. I'll be scaling in to this level gradually if/when we hit. I personally don't think we will fall below the 100 MA (orange line), but if we do there is enough confluence at the .618 Fib around $7300 where I will plan on loading up majorly. Overall, BTC/USD is still bullish long term and you can corroborate this on the weekly and monthly charts. Also, all of this bearish action is being formed within a larger bullish pattern: a classic bull flag.

Stay safe traders!

Comment:

Here is the monthly and why I'm still bullish overall