BTCUSD: bear flag about to break out. What to look for.
Hey guys I do not have much time to update these days,
BTC is keeping us on our toes waiting for the last minute to tell us where its gonna go.
This really looks like a bear flag to me but here is what to look for both bears and bulls.
Bulls: -A break out of the 0.5Fib which is also the top line of our flag would be a very good sign.
-Followed by the breakout of .618FIB would mean that we are no longer into this little bear trend. Good long entry up to 7400 our previous high.
Bears- Break out of the flag downwards would bring us straight down to 6200, then 6000 psychological, 5800 previous bottom, and 5400 as a target for the full flag to play out. Keep in mind that there is a lot of support downwards but that a retested support is a weaker support. For you margin traders, a good entry would be a breakout of the bear flag with a stop loss a little bit higher than the 0.618FIB. Keep in mind that this would only give you a RR of 1.5 if you would take profit around 6200. I personally wouldn't trade this but I know a lot of us crypto traders are into risk so Im still gonna put the idea out there.
If you do believe that this bear flag will play out fully. Your RR would turn into 4 question is, how much do you believe this will happen?
If you like the frequent updates, follow me on here and twitter. And Hit the like button.If you have any questions or critics, comment so we can discuss, and most importantly, trade safe.
BTC is keeping us on our toes waiting for the last minute to tell us where its gonna go.
This really looks like a bear flag to me but here is what to look for both bears and bulls.
Bulls: -A break out of the 0.5Fib which is also the top line of our flag would be a very good sign.
-Followed by the breakout of .618FIB would mean that we are no longer into this little bear trend. Good long entry up to 7400 our previous high.
Bears- Break out of the flag downwards would bring us straight down to 6200, then 6000 psychological, 5800 previous bottom, and 5400 as a target for the full flag to play out. Keep in mind that there is a lot of support downwards but that a retested support is a weaker support. For you margin traders, a good entry would be a breakout of the bear flag with a stop loss a little bit higher than the 0.618FIB. Keep in mind that this would only give you a RR of 1.5 if you would take profit around 6200. I personally wouldn't trade this but I know a lot of us crypto traders are into risk so Im still gonna put the idea out there.
If you do believe that this bear flag will play out fully. Your RR would turn into 4 question is, how much do you believe this will happen?
If you like the frequent updates, follow me on here and twitter. And Hit the like button.If you have any questions or critics, comment so we can discuss, and most importantly, trade safe.