If what I have drawn on the chart can be considered a true bear flag then, in the medium term, we could be in for some significant downside.
This is rule number 8 on pennants from stock-charts....
"Targets: The length of the flagpole can be applied to the resistance break or support break of the flag/pennant to estimate the advance or decline."
So, IF this is indeed a true blue bear flag then a good estimation/target for the length of the coming downtrend would be roughly the size of the original pole. The original pole was roughly 5.2k USD and so we could expect a breakdown to be a similar length. This would give us a target somewhere around 4k USD region.
As of right now I am simply WATCHING this formation and waiting to see how she plays out...a break below 7kusd could mean this is a true target and to begin to prepare yourself for such a move....anyways, this will be my last chart for today (i have been spamming them as i finally got some time to sit down and do some research) I hope you all have a wonderful day/night and good luck out there.
Red Boar
This is rule number 8 on pennants from stock-charts....
"Targets: The length of the flagpole can be applied to the resistance break or support break of the flag/pennant to estimate the advance or decline."
So, IF this is indeed a true blue bear flag then a good estimation/target for the length of the coming downtrend would be roughly the size of the original pole. The original pole was roughly 5.2k USD and so we could expect a breakdown to be a similar length. This would give us a target somewhere around 4k USD region.
As of right now I am simply WATCHING this formation and waiting to see how she plays out...a break below 7kusd could mean this is a true target and to begin to prepare yourself for such a move....anyways, this will be my last chart for today (i have been spamming them as i finally got some time to sit down and do some research) I hope you all have a wonderful day/night and good luck out there.
Red Boar
Comment:
Still on target! WOW...lets goooo
This is what is currently holding us up, we are being squeezed between the 50 and the 100 MA