BTC: Bear Flag Formation In Process

Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Bitcoin (BTCUSD).

Bitcoin price is currently inside a channel with a bear flag pattern. The measured move of this pattern touches a long-term support area. The Fibonacci Retracement shows the Golden Ratio (1.618) around $3.3K. Price has a strong possibility to come down to the $3K-7K range based on this scenario. Volume will be key for any major move. If the BTC price breaks above the channel moving higher, the bear flag pattern may be invalidated. Be careful of traps along the way. Please be aware that this may take days or months to reach the target so have patience!

Also shown in the chart is Ichimoku Cloud, Volume, RSI, Stoch RSI, MACD, MFI.

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk