Hi traders,
Back to the Crypto king, Bitcoin, let's analyze the chart!
Bitcoin at present is trading within a corrective structure after a short term bearish impulse leg and has created a flag structure. At present price is at 9100, which is nearing the bottom of the flag breakout level at 8820. If price breaks below the flag structure it will confirm the flag pattern is in effect, and we can expect a 3 wave move down to the lower support zone at 6600 (Which ironically coincides with the previous price low after the Bitcoin price crash).
Not only is the flag in play, but there is also a death cross which is ALSO acting as resistance! With a death cross of the major moving averages AND being used a physical resistance, this shows extreme danger of a massively weak technical downtrend! If the flag breaks out and the moving averages continue to be resistance and they create a death cross, Bitcoin will no doubt break down to the lower support level.
Price may not break below the flag, and price could bounce, and find some upside. There's no downside confirm until the break of the flag. Only then the downside correction is intact.
Thanks for reading!
Back to the Crypto king, Bitcoin, let's analyze the chart!
Bitcoin at present is trading within a corrective structure after a short term bearish impulse leg and has created a flag structure. At present price is at 9100, which is nearing the bottom of the flag breakout level at 8820. If price breaks below the flag structure it will confirm the flag pattern is in effect, and we can expect a 3 wave move down to the lower support zone at 6600 (Which ironically coincides with the previous price low after the Bitcoin price crash).
Not only is the flag in play, but there is also a death cross which is ALSO acting as resistance! With a death cross of the major moving averages AND being used a physical resistance, this shows extreme danger of a massively weak technical downtrend! If the flag breaks out and the moving averages continue to be resistance and they create a death cross, Bitcoin will no doubt break down to the lower support level.
Price may not break below the flag, and price could bounce, and find some upside. There's no downside confirm until the break of the flag. Only then the downside correction is intact.
Thanks for reading!
