BULLS HODL WHILE BEARS FLAG - It's only a matter of time now..
Since our last BTC update, we mentioned a symmetrical triangle (dotted orange lines) that could continue our medium term downward trend. Although we have not closed outside of the symmetric range, we've seen a wick just creep below! With that wick, and a little bit of consolidation, we've started forming a small BEAR FLAG within the triangle. With so much resistance just above our heads, there are only so many directions for the bulls to go!
Bulls can hodl all they want, as the bears continue to beat them down. If we break below as we expect, those bulls will likely start grasping for hope at around the 7700 level where we can potentially have a nice little bounce. We'll re-evaluate when we get there.
It's been a long fight.. and the ring is getting smaller. Let's see if the bulls can put up a fight, and potentially recover this triangle to the end.
SHORT: BEAR
MID: BEAR
LONG: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Bulls can hodl all they want, as the bears continue to beat them down. If we break below as we expect, those bulls will likely start grasping for hope at around the 7700 level where we can potentially have a nice little bounce. We'll re-evaluate when we get there.
It's been a long fight.. and the ring is getting smaller. Let's see if the bulls can put up a fight, and potentially recover this triangle to the end.
SHORT: BEAR
MID: BEAR
LONG: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
My projection for 7700 still stands.. but let' not get too greedy.
You're welcome!