Bitcoin USD flag breaking down, support & resistance targets
Updated
60 minute candles BTC USD. The Bearish flag appears to be breaking down at the time I'm writing this. Next big support test will most likely be around 8350 dollar, which is the last week's low and at the upper January / February descending channel line. If it fails to bounce from here and dip under 8350 dollar, for a considerate amount of time, a scenario where Bitcoin will target 6600 dollar (or lower) becomes more realistic unfortunately. But cheer up, it could go for a strong double bottom bounce if it does and it could still bounce up from 8350 dollar. Keep monitoring those breaks!
As you can see, Bitcoin has been following the Bearish path from my last week's analysis. You can that still relevant / accurate zoomed out 6 hour candle chart overview at the bottom of my analysis.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
As you can see, Bitcoin has been following the Bearish path from my last week's analysis. You can that still relevant / accurate zoomed out 6 hour candle chart overview at the bottom of my analysis.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
Note
Quick update: Bitcoin broke down to 8580 dollar and has been flagging in the last few hours. Doesn't look great right now, it will probably break down to my 8350 target. Todays news that Google is joining Facebook with a ban on cryptocurrency ads sure isn't helping... cnbc.com/amp/2018/03/14/bitcoin-falls-below-9000-after-google-bans-cryptocurrency-ads.html
Note
The (tiny) flag mentioned in my previous update broke down and Bitcoin reached my 8350 target. It wicked down to around 8270 and moving between 8300 ~8420 right now. Bulls really need to make a power move soon or it will break back down into January/February's descending channel.30 minute candles zoom in on the current situation:
Note
Bitcoin USD update March 15After a couple of hours flagging at my $ 8350 target at the January / February (blue) descending channel border it broke down exactly to my next support line at 7600 dollar. By then the RSI indicated oversold at several candle time frames and in the last hour the price went back up to $ 8250, right were it met with the descending channel border and it is currently holding at that spot.
So what will happen next? Well, my gut tell me that bears have set their minds on completing the yellow bear flag and won't stop until they've reached the $ 6600 target, especially if it will be rejected at the descending channel border were it is pending a break at this time. However, I could also imagine a short term correction to $ 8500 first, perhaps even $ 8900 and to reverse soon after.
So to recap I feel bearish right now, but please Bitcoin do prove me wrong (as you have done several times before, BTC loves plot twists!).
Updated targets to monitor for break in trends:
Note
Hey guys, I've posted a fresh live chart with analysis on Bitcoin / dollar. Check it out by clicking the chart below. I hope my charts are helpful to you, if they are; don't forget to press the like button, thanks!
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