Hi there!
During the last 30 days, BTC has been moving in a massive channel, which is a part of the Bear Flag (trend continuation pattern), thus a bearish trend will continue after the pattern is completed.
Of course, on the market, you hardly find perfect pattern shapes that's why it is recommended to trade only after the confirmation of the pattern, otherwise, you could face more risk.
Taking 20500 as a starting point, we may see further movements drawn with white dashed lines:
1. We get lower till 19500-20000 to test dynamic support, if succeed - then move upwards to test dynamic resistance;
2. If we fail to test dynamic support at 19500 the pattern will be completed with a massive dump;
3. We go upwards straight from 20500 to test dynamic resistance that is located somewhere between 22800-23000, to complete the pattern we must fail the test and dump heavily;
4. If we pass the test of resistance then we can see impulse up to 24000 (stop-loss hunt) with the further dump because now is the bear market and upward movement could be only manipulation, the market lacks power and positive.
Please consider the crucial date 13th of July when CPI data will be published (!)
Buy on the rumors sell on the facts
Any views expressed here are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.
During the last 30 days, BTC has been moving in a massive channel, which is a part of the Bear Flag (trend continuation pattern), thus a bearish trend will continue after the pattern is completed.
Of course, on the market, you hardly find perfect pattern shapes that's why it is recommended to trade only after the confirmation of the pattern, otherwise, you could face more risk.
Taking 20500 as a starting point, we may see further movements drawn with white dashed lines:
1. We get lower till 19500-20000 to test dynamic support, if succeed - then move upwards to test dynamic resistance;
2. If we fail to test dynamic support at 19500 the pattern will be completed with a massive dump;
3. We go upwards straight from 20500 to test dynamic resistance that is located somewhere between 22800-23000, to complete the pattern we must fail the test and dump heavily;
4. If we pass the test of resistance then we can see impulse up to 24000 (stop-loss hunt) with the further dump because now is the bear market and upward movement could be only manipulation, the market lacks power and positive.
Please consider the crucial date 13th of July when CPI data will be published (!)
Buy on the rumors sell on the facts
Any views expressed here are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.