Hello Traders,
Update on BTC's recent developments,
Points to consider,
- Sharp advanced decline into pattern, - Key characteristic of a bear flag
- Price is in a narrow range
- Major support broken, support was in confluence with the .618 Fibonacci level
- RSI recovering to neutral zone
- Stoch's on downwards momentum
- EMA's providing price resistance at current given time
- Volume is below average, signalling a move is incoming
BTCUSD has been trading in this narrow range after a sharp decline in price, forming this potential bear flag pattern. This consolidation is a breather in the current trend (Bearish) as a bear flag is simply a continuation pattern. The flagpole formation gives us clear targets which is around the green support zone...
What are your thoughts on the potential bear flag ? Please leave a like and comment
and remember,
“Take your profits or someone else will take them for you.” – J.J. Evans
Update on BTC's recent developments,
Points to consider,
- Sharp advanced decline into pattern, - Key characteristic of a bear flag
- Price is in a narrow range
- Major support broken, support was in confluence with the .618 Fibonacci level
- RSI recovering to neutral zone
- Stoch's on downwards momentum
- EMA's providing price resistance at current given time
- Volume is below average, signalling a move is incoming
BTCUSD has been trading in this narrow range after a sharp decline in price, forming this potential bear flag pattern. This consolidation is a breather in the current trend (Bearish) as a bear flag is simply a continuation pattern. The flagpole formation gives us clear targets which is around the green support zone...
What are your thoughts on the potential bear flag ? Please leave a like and comment
and remember,
“Take your profits or someone else will take them for you.” – J.J. Evans