BTCUSD Daily TF
Interested to see if this bear flag pattern plays out again this year. As a precaution, I've exited most positions with the anticipation of the internal support failing which could see a selloff back to the lower band of the ascending channel which is building up a pretty nice bear flag.
I think that if this moves it'll be quick, very similar high-volume moves were made on 01/06 & 06/04. If I am correct and the current bear flag pattern completes then my first target would be 16k (internal measured move) which aligns pretty well with former validated support from NOV2020 and also has acted as a resistance level in the 2017 Bullrun after the top was put in.
The final flagpole target puts the price back at 5k (which is ludicrous IMO) but we can never say never, especially in this current financial climate....
Keep a close eye on RSI and the current uptrend it is in, if it fails to swing high and cracks the uptrend it will most likely retest the 50.00 midway mark. If that fails then it's game on for the bears for an unknown amount of time.
As always keep your RISK MANAGEMENT and POSITION SIZE in the forefront of your mind in the current climate and also your BIAS.
Do I think this pattern will complete? potentially.. Would I be angry if it did? Nope (good op to potentially accumulate if possible).. Would I be angry if it doesn't? Nope (I managed my risk and kept my current capital)
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
Interested to see if this bear flag pattern plays out again this year. As a precaution, I've exited most positions with the anticipation of the internal support failing which could see a selloff back to the lower band of the ascending channel which is building up a pretty nice bear flag.
I think that if this moves it'll be quick, very similar high-volume moves were made on 01/06 & 06/04. If I am correct and the current bear flag pattern completes then my first target would be 16k (internal measured move) which aligns pretty well with former validated support from NOV2020 and also has acted as a resistance level in the 2017 Bullrun after the top was put in.
The final flagpole target puts the price back at 5k (which is ludicrous IMO) but we can never say never, especially in this current financial climate....
Keep a close eye on RSI and the current uptrend it is in, if it fails to swing high and cracks the uptrend it will most likely retest the 50.00 midway mark. If that fails then it's game on for the bears for an unknown amount of time.
As always keep your RISK MANAGEMENT and POSITION SIZE in the forefront of your mind in the current climate and also your BIAS.
Do I think this pattern will complete? potentially.. Would I be angry if it did? Nope (good op to potentially accumulate if possible).. Would I be angry if it doesn't? Nope (I managed my risk and kept my current capital)
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."