A little update on Bitcoin here, as it approaches the 200 DMA and is at the SR Flip Zone, we can see Bitcoin is attempting to regain back it's losses the past few days.
While the pattern it's currently forming looks like a bull flag, there is still a chance that Bitcoin can still dip and possibly break that 200 DMA and enter a near term bear market.
Right now the deciding factor for Bitcoin will be the 50k mark, if we fail to close above 50k (and 50 DMA) and find support, expect further declines for BTC.
Not financial advice, this is just a simple technical analysis from a retail trader's perspective.
While the pattern it's currently forming looks like a bull flag, there is still a chance that Bitcoin can still dip and possibly break that 200 DMA and enter a near term bear market.
Right now the deciding factor for Bitcoin will be the 50k mark, if we fail to close above 50k (and 50 DMA) and find support, expect further declines for BTC.
Not financial advice, this is just a simple technical analysis from a retail trader's perspective.
