Bitcoin BTC: Concerns Ahead!

Today you can review the technical analysis idea on a 1D linear scale chart for Bitcoin (BTCUSD).

The Bitcoin price has been forming a bear flag pattern with the break down around $18.9K. If the price breaks below that range, expect the bear flag target of $4K. This will not be a quick move in my opinion.

Also noted in the chart is the Keltner Channel and Ichimoku Cloud as well as RSI, Stoch RSI and MFI. The price has a chance to get to the top of the Keltner Channel right before the edge of the Ichimoku Cloud resistance before dropping again. The RSI looks to be coming down again and Stoch RSI is getting ready for a bearish reversal.

If price stays on the top line of the Keltner Channel and pushes through the Ichimoku Cloud, I would say there is a chance we go higher. It's not my favored opinion though.

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics