Hello everyone,
We have the bears on one side, and the bulls on the other. The bears have been pushing the bulls down, and are now gearing up to shoot (in the form of a bear flag). The bulls have two options, to either let them score (drive BTC lower), or deflect from the support levels directly below.
The bear flag has been forming for a couple of days now, directly above a range we've seen to be resistant/supportive. We've also identified the trend-line (in yellow), rising to the area to increase chances of support.
If BTC breaks below the bear flag, it will still need to break this area (below $6,6xx) to reach the low $6k or high $5k area.
If we break above the bear flag however, we meet resistance at the blue trend-line (also neckline from our last post), and the 200 EMA in yellow.
As a side note, we've also identified the dashed line below, but will need to see more confirmation, if it will react as it did before.
Thank you for reading!
We have the bears on one side, and the bulls on the other. The bears have been pushing the bulls down, and are now gearing up to shoot (in the form of a bear flag). The bulls have two options, to either let them score (drive BTC lower), or deflect from the support levels directly below.
The bear flag has been forming for a couple of days now, directly above a range we've seen to be resistant/supportive. We've also identified the trend-line (in yellow), rising to the area to increase chances of support.
If BTC breaks below the bear flag, it will still need to break this area (below $6,6xx) to reach the low $6k or high $5k area.
If we break above the bear flag however, we meet resistance at the blue trend-line (also neckline from our last post), and the 200 EMA in yellow.
As a side note, we've also identified the dashed line below, but will need to see more confirmation, if it will react as it did before.
Thank you for reading!
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The bears are launching an attack now! We'll wait and see if the goalkeeper (bulls) will deflect from here.
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The bears have scored it seems! Lets see if the dashed line will hold as support.
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Stay tuned for more updates!
