A bear flag was forming last few days and has broken out to the downside.
These days around CPI data i expect a drop to the CME gap at 20k-20.4k
If that happens it could be forming a head and shoulders pattern with a potential bounce to current levels before breaking down with a technical target of $16.4k which was a big support in Q4 2022.
(in between could be a pause at the 0.786 fib level and also great support of $18k)
So if you are looking for long positions: DCA in at $20k, $18k and $16.4k -> this is my plan also.
(Don't DCA all-in though, recession might cause lower lows than Q4 2022. Keep some cash on the side to buy a new bottom)
These days around CPI data i expect a drop to the CME gap at 20k-20.4k
If that happens it could be forming a head and shoulders pattern with a potential bounce to current levels before breaking down with a technical target of $16.4k which was a big support in Q4 2022.
(in between could be a pause at the 0.786 fib level and also great support of $18k)
So if you are looking for long positions: DCA in at $20k, $18k and $16.4k -> this is my plan also.
(Don't DCA all-in though, recession might cause lower lows than Q4 2022. Keep some cash on the side to buy a new bottom)
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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.