Znarfomat

Znarfomat Updated 

Hi friends! The small bear flag i drew in my last analysis morphed into a larger symmetric triangle (in yellow), which is a continuation pattern. Hence, a continuation of the downtrend was to be expected and BTC broke out of this triangle to the downside a few hours ago. The bearish breakout occurred on considerably high volume, which is pretty bearish price...

Znarfomat

Hi friends! Since my last analysis, BTC dropped $900, so it's time for a reevaluation, even if my first downside target of $2400 has not been met yet. BTC has stopped falling after it reached $3300 and is currently consolidating in a bear flag (in purple). However, I think we might see a short spike to the upside, before BTC continues its decline, to wipe out some...

Znarfomat

Hi friends! I think BItcoin is printing a bear flag (in white) at the moment. Some might consider this an ascending channel, but I think the uptrend in this channel is far too weak to call this an ascending channel. Bitcoin did not even make it to the 0.382 Fibonacci retracement level within a few days after a violent 45% drop. That is pretty weak in my opinion!...

Znarfomat

Hi friends! BTC has formed an inverse head and shoulders on the hourly chart. A decisive breakout above the neckline and the 50 EMA could catapult the price to $ 5100 levels for a short term bounce. However, I remain mid-term bearish, as the trading volume we have seen during the previous days was not sufficient for a end-of-bear-market reversal. Cheers! -Znarfomat-