BitcoinShort
We made another week-long bear flag and broke it.
he beginning of this week looked very promising for BTC -3.56% , with rapid gains that appeared to be pulling us out of the depths of the crash pattern. Then we started dropping and filled out a new giant bear flag (or if you prefer, bearish ascending wedge - just depends how you looked at it and where you drew the lines. With rising sell volume and weak rallies all day, we hit the bottom edge and broke it with forceful volume .
There are a lot of other people looking at this drop as the end of a correction. If so, that would mean we're probably on our way back up to make a heroic test of the descending channel at 10500. I'm looking at this and saying that I think it's quite possible that we go mostly down from here. We just broke the bottom of a very large bearish continuation pattern. TTM -1.16% Squeeze on the 30m chart has been excellent at flagging periods of rapid change over the past 2 weeks, and it just went active; this indicator doesn't necessarily give a great prediction of the direction and momentum is near even on it at the start, but the first few thrusts at least were downward.
My eyeballing puts the initial small flag that broke the larger one at having a target at about 8100, which is near a long-run resistance line. The larger structure points at 7200, not wildly far off where many of the bearish structures have pointed to before the recent rally and also a potential double bottom level.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I'd be interested in any feedback.
There are a lot of other people looking at this drop as the end of a correction. If so, that would mean we're probably on our way back up to make a heroic test of the descending channel at 10500. I'm looking at this and saying that I think it's quite possible that we go mostly down from here. We just broke the bottom of a very large bearish continuation pattern. TTM -1.16% Squeeze on the 30m chart has been excellent at flagging periods of rapid change over the past 2 weeks, and it just went active; this indicator doesn't necessarily give a great prediction of the direction and momentum is near even on it at the start, but the first few thrusts at least were downward.
My eyeballing puts the initial small flag that broke the larger one at having a target at about 8100, which is near a long-run resistance line. The larger structure points at 7200, not wildly far off where many of the bearish structures have pointed to before the recent rally and also a potential double bottom level.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I'd be interested in any feedback.
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
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