VincePrince

WARNING: BITCOIN Bear-Flag Can Determine Fierce Drop To $42,500!

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello,

Welcome to this crucial analysis about Bitcoin and its 2-hour timeframe perspectives. In the last days Bitcoin managed to breakout the pivotal $45,000 resistance with a solid bounce above this level however as for now Bitcoin did not manage to move above the $48,000 resistance and form a new high above this level which is needed to keep the trend going. From there on Bitcoin pulled back and severely tested the $45,000 level again which means the more often Bitcoin tests this level the weaker it gets. Also coming into the interface here is the 200-EMA marked in red in my chart below which Bitcoin previously determined the bearish extension. What forms now in this whole range here is a decisive channel-formation, this channel-formation can complete as a devastating Bear Flag Formation once Bitcoin has settled below the lower boundary of the formation and below the 200-EMA. Such a breakout is likely to move Bitcoin into the $42,500 level from where a possible reversal can be considered. For now it is better to keep patient rather than rushing into a short position as Bitcoin already dropped mainly from its high at $48,000 and especially as a breakout of the flag formation can also lead to a sharp snap back into the range. Therefore it is better to look on how the market evolves here before moving on to further conclusions, it will be an important development ahead.

In this manner, thank you for watching the analysis, all the best!
"The past, like the future, is indefinite and exists only as a spectrum of possibilities."

Information provided is only educational and should not be used to take action in the markets.

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