Daily technical Analysis Bitcoin (BTC/USD): BTC testing My Bear Flag Target, Can it get up from there or we are going to see a $5600 Bitcoin too soon.
Analysis Summary:
Hi Friends, welcome to this Daily analysis of Bitcoin, if you are reading me for the first time I suggest you go back to my older posts, from the very beginning I had a Beer flag target around $7600.
But BTC has shown its persistence I must say but it the meantime people changed their expectations too soon and with every upward move a Reversal of fortunes was suggested but to put all that in wane BTC has moved again to test this old target again and this time it looks to break below that significantly with no support in its sight.
If you see closely since it has now significantly breached the upward trend line, originating at beginning of the rally. the beers have taken full control now. as I predicted that the trendline is a crucial level and a fall below that will send some strong signals to the beers and not only $7600 but now a target of $5600 @100% retrace looks in the sight of BTC as well. in the meantime only support before $5600 looks to be the bottom of downward pink channel, it will be interesting to see at that level how bitcoin will behave.
On the other side I am not seeing any signs of an upward movement, if there will be any that will be only temporary. I am not saying the !00% retrace will be reached surely but BTC sure looks to reach near that.
I will keep you guys Posted in the next update tomorrow for any further developments in the chart.
Till then Goodbye and Best of Luck to You People.
Update: Bitcoin has now touched the bottom of downward channel in pink and looking to get some support there, hope it gets a lift up here but before going bullish i would like it to cross at least EMA50 (orange).
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