Today we've got some bad news (Bithumb hack), followed by some good news (Tether) which caused the price to move up and down (besides the fact that there is some sort of manipulation in it). But the fact is that we are still in a bear flag and haven't broke out yet. Unless there is a catalyst (BTC ETF), i don't think we will break out positive out of this bear flag. If it indeed does break out to the top, it will be a short term break out followed by an even bigger dump.
So for now i think it will make some sideways movements with some price chops just like we've seen in the previous bear flag (yellow lines). It will probably test the support line a couple of times before breaking out to the downside.
So prepare yourself for some big red candles. Not saying it's a guarantee it will break out to the bottom, but chances are high. I rather miss out of a couple of percentage gain, than losing money on a big dump. If it does break out to the top, than we need to wait for some more bullish signals before we can clearly say it's a reversal.
So for now i think it will make some sideways movements with some price chops just like we've seen in the previous bear flag (yellow lines). It will probably test the support line a couple of times before breaking out to the downside.
So prepare yourself for some big red candles. Not saying it's a guarantee it will break out to the bottom, but chances are high. I rather miss out of a couple of percentage gain, than losing money on a big dump. If it does break out to the top, than we need to wait for some more bullish signals before we can clearly say it's a reversal.
Comment:
So... here we go. Let the fun begin. We went pretty fast towards the supportline and it's not struggling to find support. Will probably break down even further and retest the 6000-6100 level.
So... here we go. Let the fun begin. We went pretty fast towards the supportline and it's not struggling to find support. Will probably break down even further and retest the 6000-6100 level.
Comment:
Be careful. Don't try to catch a falling knife. History is going to repeat itself over and over.. Probably going to find support somewhere, consolidate a bit and dump further towards the $5K range.
Be careful. Don't try to catch a falling knife. History is going to repeat itself over and over.. Probably going to find support somewhere, consolidate a bit and dump further towards the $5K range.
Also a ascending wedge inside the bear flag which normally breaks down. Retest of the support line could be soon