As we can see BTC has formed a pretty clear downtrend channel. I have previously pointed out potential Bear flags, so I will point out the potential Bull Flag. Depending on how you look at it, this could potentially be a Bull Flag forming.
In normal conditions, Bull and Bear flags have about a 60% completion rate. In this scenario, we are looking at a number of bearish patterns which will probably affect its success rate further. It is fighting huge selling pressure.
That being said, if this breaks to the upside, BTC could see a strong move. Volume would have to spontaneously spring to support this. It is not impossible but it is hypothetical and it's important to understand that.
In normal conditions, Bull and Bear flags have about a 60% completion rate. In this scenario, we are looking at a number of bearish patterns which will probably affect its success rate further. It is fighting huge selling pressure.
That being said, if this breaks to the upside, BTC could see a strong move. Volume would have to spontaneously spring to support this. It is not impossible but it is hypothetical and it's important to understand that.
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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.