has broken the downward channel
on the bear flag
and is in freefall with some expected bumps along the way. BTC
did catch support at the 38.2 Fib retracement line, which lead to the a short-term bear flag
. Since then BTC
has entered into a freefall to re-test the support at the 38.2 Fib retracement line again and is about to complete a head and shoulders
pattern. If the bulls fail, expect the 28.6 Fib line to be tested at $7700 - $7500.
Don't try to catch a falling knife! The market is trending towards a double bottom
. Looking for a double bottom
at a target of 6400.