๐ Bitcoin Analysis: Rejection from Bear Flag Pattern on 4-Hour Chart
๐ Analysis: Bitcoin appears to be rejecting from a bear flag pattern on the 4-hour chart, indicating potential further downside.
๐ฒ Current Price: Bitcoin is priced at $64,100, showing signs of downward pressure.
๐ Measured Move: The measured move of the bear flag pattern points to a target of $52,000, coinciding with a .382 Fibonacci retracement level.
๐ Invalidation: Invalidation of the bearish scenario would occur if Bitcoin breaks decisively above the upper boundary of the bear flag pattern and establishes a new uptrend.
๐ก๏ธ Risk Management: Implementing risk management strategies such as stop-loss orders and position size management is crucial in volatile market conditions.
๐ Stay Updated: Market conditions can change rapidly, so it's essential to stay updated on price movements and adjust strategies accordingly.
๐ Analysis: Bitcoin appears to be rejecting from a bear flag pattern on the 4-hour chart, indicating potential further downside.
๐ฒ Current Price: Bitcoin is priced at $64,100, showing signs of downward pressure.
๐ Measured Move: The measured move of the bear flag pattern points to a target of $52,000, coinciding with a .382 Fibonacci retracement level.
๐ Invalidation: Invalidation of the bearish scenario would occur if Bitcoin breaks decisively above the upper boundary of the bear flag pattern and establishes a new uptrend.
๐ก๏ธ Risk Management: Implementing risk management strategies such as stop-loss orders and position size management is crucial in volatile market conditions.
๐ Stay Updated: Market conditions can change rapidly, so it's essential to stay updated on price movements and adjust strategies accordingly.