BTC had been consolidating for a few days before breaking out very recently... I will give you a second to quickly look at your portfolio for the 100th time today to notice this price change. Based on the range which acts as a flag formation, the target for this move puts us in an area below 19k, thus the title. There are 2 targets as seen above ( $18228 - $17960). The reason for the indecision is based on a line being drawn from the swing high which touches the support of the flag and the other being the lower high (most recent price action.).
In order to achieve these targets, the price has to break below the 19k threshold comfortably and hold below for at least a day. It could be argued that the price will consolidate around this psychological area before continuing further downslope. This approach will add confluence to a healthier move downwards in the days to come.
The volumes are picking up nicely to benefit the bears in this move downwards.
@TradingView
In order to achieve these targets, the price has to break below the 19k threshold comfortably and hold below for at least a day. It could be argued that the price will consolidate around this psychological area before continuing further downslope. This approach will add confluence to a healthier move downwards in the days to come.
The volumes are picking up nicely to benefit the bears in this move downwards.
@TradingView