Bear Flag Retraced 39200 Support - confirmed downtrend for BINANCE:BTCUSDT by Fabreezio

trendanalysis harmonicpatterns chartpattern bitcoin btc usdt tether wave analysis techincal

According to how bitcoin moves, it must break through a support then retrace back to it in order to confirm the trend. Here we see bitcoin dropped past $39,200 support and has finally touched it again to close in the hourly. In this situation I am entering bearish trade position. I see a bear flag on the hourly, please comment below if you have further insight or price prediction! Nobody seems to know what’s about to happen I’m just following the trend and taking into account that MACD and RSI are not favorable right now. Short term BULLISH people will tell you to buy because they want to sell to YOU :)

Entry $39,200
Stop Loss $39500
Take Profit $29,500
bearish

* obviously bitcoin is bullish long term*

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