Bear flag formed?
Hey guys, please leave a like if you think this idea is useful. The last two days we have formed a head and shoulders patter, we fell through the support level of $6770 and $6740. We bounced back on the support zone around $6690, I think we might retest the resistance level of $6784. As you can see on this 3h chart, we formed a bear flag , so we will probably will go down again.We will possibly fail to break through that resistance level ($6784), the first support level is around $6770 and the second is around $6740.
Note
Bitcoin broke the $6740 support, next support level is around $6690Note
The bear flag trendline that I drew on the 3h chart is currently acting as resistance on the 5min chart.Note
Bitcoin failed to break the $6770 resistance level, we will probably move towards the support level of $6740. I am waiting for a break through the support level of $6740, if we do that I will open another short position. We also just broke the support of the 50 moving average, so chances are big that we move towards the $6740 support level. If we break that support level the next support is around $6730. I will close a part of my short position, if we reach that support level. If we break that support level I will open another short position, the next support level is around $6690.Remember this is not financial advice, always do your own research.
Note
As I was writing about this head and shoulders pattern, bitcoin already fell down. Presently we are being support by the $6740 support level. Next support level is around $6730.Note
Fell through $6740 support, just as I expected. Next support level is around $6730.Note
Watch the $6730 support closely, if we fall trough that support level, you could consider opening a short position. The nex suport is around $6690, if we reach this support you could consider to close a part of your short https://positions.https://www.tradingview.com/x/KTND4VzD/Note
Bitcoin just broke the $6730 support, next support is around $6690.Note
Bitcoin is back above the support level of $6730. Watch this level closely guys!Note
Hope you got in a short position, bitcoin just fell through major support levels: $6690 and $6670. Next support level is around $6100.
Disclaimer
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.