BTC is following a bearish flag channel lower. Looking for a turn south at 13,800. I expect it to challenge the recent low at 11,800 and head for 10,800 with a break from there. There is a confluence of support at 10,800, including the 200 DMA and LT trend support, which should require a few tries. Should 10,800 break, 8,700 will be the next stop lower.
If on the other hand it reaches escape velocity at 13,800, I'd expect it to head for the broader trend line formed by the ATH and the more recent high, before turning south once again. We are firmly in a bearish cycle at this stage.. Buckle up for a rough start to 2018.
The question that remains to be answered is, how will the return from the holiday break on Tuesday impact these moves?
Happy trading!
If on the other hand it reaches escape velocity at 13,800, I'd expect it to head for the broader trend line formed by the ATH and the more recent high, before turning south once again. We are firmly in a bearish cycle at this stage.. Buckle up for a rough start to 2018.
The question that remains to be answered is, how will the return from the holiday break on Tuesday impact these moves?
Happy trading!
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Kissing upward channel boundary at 14,100:
