BTC/USD Pivot Bear or Bull?
Hello Friends,
Most of my TA can be seen on this chart. Just like to add that we are in a descending price channel that has a bear flag within this channel. What this tells me is that we are going to be bearish before we return to a bullish move (price channel).
We may not reach the bear flag target but we will be testing supports on the way down imo. The first of which is the mid dotted trend line that intersects the last support line. Here I can see that this will be a deciding factor for where BTC will go. If support holds, then we can expect a test for upper resistance but if support fails, we could see a move as far down as the bear flag would have it.
On a positive note, remember that descending price channels are bullish by nature. The depth of the channel could match a measured move up between 14.5k and 15k.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Most of my TA can be seen on this chart. Just like to add that we are in a descending price channel that has a bear flag within this channel. What this tells me is that we are going to be bearish before we return to a bullish move (price channel).
We may not reach the bear flag target but we will be testing supports on the way down imo. The first of which is the mid dotted trend line that intersects the last support line. Here I can see that this will be a deciding factor for where BTC will go. If support holds, then we can expect a test for upper resistance but if support fails, we could see a move as far down as the bear flag would have it.
On a positive note, remember that descending price channels are bullish by nature. The depth of the channel could match a measured move up between 14.5k and 15k.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
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