$BTC >> Examining the bearish scenario $6.8k target level
Hi everyone,
Welcome to another update on Bitcoin where today we examine the bearish scenario.
The bearish scenario I am seeing has a $6,800 level target, with the following confluences:
1- Target of weekly bear flag
2- 78.6% fib retrace from ATH to bearmarket low
3- 50 Weekly Moving average
4- Historical (2 year) S/R line with significant VPVR
Best way to trade this is to wait for a breakdown from the bear flag formation.
The 50 Week moving average is a VERY key level - Bitcoin must NOT break it. Retesting it with a sharp strong bounce/bull rally makes a lot of sense though given the technicals of this scenario.
I would give this bearish scenario a 40-45% probability. I remain bullish overall unless the Weekly EMA ribbon is broken or the bear flag is broken to the downside.
Cheers,
Leb Crypto
Welcome to another update on Bitcoin where today we examine the bearish scenario.
The bearish scenario I am seeing has a $6,800 level target, with the following confluences:
1- Target of weekly bear flag
2- 78.6% fib retrace from ATH to bearmarket low
3- 50 Weekly Moving average
4- Historical (2 year) S/R line with significant VPVR
Best way to trade this is to wait for a breakdown from the bear flag formation.
The 50 Week moving average is a VERY key level - Bitcoin must NOT break it. Retesting it with a sharp strong bounce/bull rally makes a lot of sense though given the technicals of this scenario.
I would give this bearish scenario a 40-45% probability. I remain bullish overall unless the Weekly EMA ribbon is broken or the bear flag is broken to the downside.
Cheers,
Leb Crypto
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