Bitcoin (bear) Flag, bulls still hibernating
Updated
Hello friends! While I always thought that bears were the ones hibernating during winter, it looks like this winter it has been the bulls who are taking a long, long, long nap. Even though spring has officially begun, BTC isn't blossoming just yet and Bitcoin is still moving within the orange channel / falling wedge I drew last week.
Short term BTC is moving within a (bear) flag channel. If it breaks down below the bottom blue line, the bear flag target will probably be somewhere between $5900 ~ $6200, as indicated in the chart, depending on were it breaks. In the event that short term bulls might surprise us by breaking upward out of the orange channel, the short term bullish target is $8050.
Taking a look at the bigger picture (weeks/months), I could imagine various bullish or bearish scenarios, but in the end I think it will be market sentiment / trader confidence that will be decisive if we reach the bottom soon or not. We'll find out once we see volume increase indicating people are showing interest again.
The January crash spooked a lot of main stream people away from crypto and main stream media has mostly been rooting against it as well. This needs to change in order for crypto / bitcoin to become truly bullish again. Sure, even in the current market conditions BTC can bounce back up temporary to 10k again, but to go in full (sustainable / durable) bullish winning mode again, crypto needs main stream capital to flow back in once again.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (fictional) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).
An upvote to increase the exposure on my charts is very much appreciated!
Happy Trading! ~ Crypto JC
P.S. for a bigger picture overview, you can have a look at my yesterday's chart analysis with 1 day candles:
Short term BTC is moving within a (bear) flag channel. If it breaks down below the bottom blue line, the bear flag target will probably be somewhere between $5900 ~ $6200, as indicated in the chart, depending on were it breaks. In the event that short term bulls might surprise us by breaking upward out of the orange channel, the short term bullish target is $8050.
Taking a look at the bigger picture (weeks/months), I could imagine various bullish or bearish scenarios, but in the end I think it will be market sentiment / trader confidence that will be decisive if we reach the bottom soon or not. We'll find out once we see volume increase indicating people are showing interest again.
The January crash spooked a lot of main stream people away from crypto and main stream media has mostly been rooting against it as well. This needs to change in order for crypto / bitcoin to become truly bullish again. Sure, even in the current market conditions BTC can bounce back up temporary to 10k again, but to go in full (sustainable / durable) bullish winning mode again, crypto needs main stream capital to flow back in once again.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (fictional) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media (click that nice little blue bird at my profile page).
An upvote to increase the exposure on my charts is very much appreciated!
Happy Trading! ~ Crypto JC
P.S. for a bigger picture overview, you can have a look at my yesterday's chart analysis with 1 day candles:
Note
Bitcoin flag breaking down, next support test at $6600. If that fails it will most likely continue to the bear flag target around $6000.Note
Although somewhat unrelated to Bitcoin I'd urge you all to read my EGG analysis, looks super bullish right now: 
Note
April 3 updateBitcoin broke down from the flag, though BTC didn't go down as low as the targets, and bounced up at 6450 usd. I has failed to re-enter the flag channel though, which is not a good sign and the RSI is overbought right now, which indicates a likely reversal. With the mess on the stock markets I expect it will will be a bumpy road short term.
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