BTC bear flagging: 17k before correction to 9k
Updated
BTC has had a unbelievable year, but it is now starting to come to a head in the final weeks and days of 2017.
Right now, it appears that BTC is making a large bear flag which should see it hit around 17k before potentially dropping to ~9k.
Now, this is BTC, so there's always a caveat. I've seen BTC break up out of rising wedges, head and shoulders' and bear flags before, so just keep a close eye on the price action around 17k and be prepared to close your longs.
Right now, it appears that BTC is making a large bear flag which should see it hit around 17k before potentially dropping to ~9k.
Now, this is BTC, so there's always a caveat. I've seen BTC break up out of rising wedges, head and shoulders' and bear flags before, so just keep a close eye on the price action around 17k and be prepared to close your longs.
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BTC is teetering on the edge of the abyss.On the lower time frames (1HR) it is forming a small h&s
On the bigger time frame (4HR) it is just poking out the bottom of the flag, RSI is turning down and it's just crossing the 50 MA.
As I said at the beginning though, there's always a caveat when providing TA on BTC. It could ignore all of the bearish shapes and continue upwards. With that said, it's in a precarious situation right now.
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So the small H&S decided to actual break down this time.... fancy that, BTC adhering to a bear shape!This could be part of a bigger H&S, which I'll chart now.
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And here is the larger head and shoulders at work:Let's keep an eye on this.
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BTC has definitely broken to the down side and this should worry everyone who currently holds BTC.The bear flag didn't complete, but it's morphed into a descending triangle which has been articulated nicely in the following analysis:
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