Bear Flag on BTC/USD confirmed with price dropped around 3000 USD in last 2 weeks and forming rising wedge.
Bear FLag STRONG resistance on 0.382 Fib , its NOT expected for BTC not to pass that level [b]but if it do that would be ULTIMATE TROLL from BULLS since their juice weaken - !still 0.382 - 0.618 fib lvl range is HIGH risk area for any position. Meaning its a speculation area to open any trade.
If Bears wins , which is expected , price will potentially drops trough 3 major points on down side
- 0 fib level - ~3600-3800 USD range - which shall not last long , since its used already
- 200 Weekly MA - 3100-3200 USD range
- 200 Weekly SMA - 2500-2700 USD range
- If price goes bellow 2500 USD - MID Capitulation - blood on the streets stop can be 1560 USD.
All indicators showing further downtrend , future will give us more inputs about bullish support and proper reversal.
I will open my short position with 30% of funds when price firstly close bellow 3900$ other 70% of funds will spend on penetration of 200 weekly MA support (just bellow 3100)
Watch this battle closely and enter in position you are satisfied with, depends if you are in BULL or BEAR mind set
*Never invest more than you can afford to lose
*Those are just observations not financial advice