This is the bearish mid term scenario for BTC. On the short BTC could see a rise up to 6700, both RSIs on the shorter time frames are showing oversold extension towards the bottom side. The daily printing above 6600 could potentially over rule this pattern. I will be breaking the chart down through bullet points so that it is easy to understand.
Note: My long term bearish scenario is still in play. You can find it below.
- Pattern shows what looks to be the start of a bear flag.
- Critical supports still stand at 6100s and 5800s.
- Intermediate support at 6400 in which if fall happens to 6100, 6400 becomes intermediate resistance.
- Stoch RSI is showing a rebound upwards from the recent slide in BTC. This is why the pattern extends farther out showing continuation of upward trajectory in the mid term.
- RSI is showing a rebound upwards from the recent slide in BTC. This is why the pattern extends farther out showing continuation of upward trajectory in the mid term.
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
Note: My long term bearish scenario is still in play. You can find it below.
- Pattern shows what looks to be the start of a bear flag.
- Critical supports still stand at 6100s and 5800s.
- Intermediate support at 6400 in which if fall happens to 6100, 6400 becomes intermediate resistance.
- Stoch RSI is showing a rebound upwards from the recent slide in BTC. This is why the pattern extends farther out showing continuation of upward trajectory in the mid term.
- RSI is showing a rebound upwards from the recent slide in BTC. This is why the pattern extends farther out showing continuation of upward trajectory in the mid term.
Trading View Disclaimer:
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
Comment:
Bears could not be done yet. One thing that was not pointed out was the volume. Volume is consistently dropping, which could cause a fall out in the pennant quicker than expected.