As you can see on the chart, we've had 2 big bear flags and the've played out exactly the same, both went down. Take a look at the ellipses drawn on the chart. For both bear flags they've played out exactly the same (until now) and will probably follow along for the last drop. Do it think it's over after that? No, probably not. $5K target is still active. I think from here it will probably follow the ellipsis and go a bit sideways from there and than making one last drop to about $5000-5100 with a maximum low of $4800.
$5K seems to be one of the strongest support lines and one of the largest psychological barriers for Bitcoin. $5K is about a 75% retracement which should be enough correction to make newer highs in the future. Also after such a long down trend, there must be an upside movement.
$5K seems to be one of the strongest support lines and one of the largest psychological barriers for Bitcoin. $5K is about a 75% retracement which should be enough correction to make newer highs in the future. Also after such a long down trend, there must be an upside movement.
Note
Still following my prediction. Prepare to make some down moves in the next couple of hours. Now retesting the 5800 level and will probably fall trough
Note
Unexpected move for BTC. Going way to fast and will probably have a sell off of this recent pump. If we can go above 6300 and consolidate over there, that would be a good sign for the bulls to be back. Not going to change my target based on this recent pump.
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The correction of the green candle has started. Bulls are exhausted. Two things could happen from here. 1, it will make a mini bull flag which could push us towards 6400 area. And 2, it will make a bear flag as drawn on the chart. I expect is to be the last. This was just a pull back from the recent free fall and not a true reversal.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.