Picture perfect bear flag on BTC - Short term target 3450
Good morning everyone,
BTC forming a beautiful bear flag within the shown range. Just while I was writing this, it attempted another break out to the upside, which was however brutally sold off around 3675, indicating the high selling pressure.
Unless some unexpected move happens, I see it testing at 3450 in the very short term. The thing we have to keep in mind here is, that this bear flag will leave BTC breaking through the major support at 3560, which has been holding it for the past day. If that happens, we're probably gonna see a lot of stops coming to action, which could very well send us down to last years lows.
Stay tuned and thanks for your like!
BTC forming a beautiful bear flag within the shown range. Just while I was writing this, it attempted another break out to the upside, which was however brutally sold off around 3675, indicating the high selling pressure.
Unless some unexpected move happens, I see it testing at 3450 in the very short term. The thing we have to keep in mind here is, that this bear flag will leave BTC breaking through the major support at 3560, which has been holding it for the past day. If that happens, we're probably gonna see a lot of stops coming to action, which could very well send us down to last years lows.
Stay tuned and thanks for your like!
Comment:
It is clear to see that none of the altcoins were able to break the supports of the first dump from yesterday morning yet, which have become strong resistances after the second drop. Those should be the rejection point and trigger for further downside.
Comment:
Took a little longer than expected, but it finally seems like BTC is breaking below the bear flag. Expect to take us to the above mentioned targets.
3560
3450
3130
3560
3450
3130
Trade closed: target reached