BitCoin 4H Bear Flag with Continuation to Downside at 14k?
Bitcoin has entered a Wedge / Bear Flag on the 4H Time Frame.
With continuation bear market sentiment, and statistical probability that this will break to the downside, the target is 14.3K based on the height of the wedge, or 27.4k in the unlikely situation we get a temporary relief rally, which would then meet with resistance at 29-30k based on the POC from the VPVR and Fibonacci levels.
Since the entire market seems to be waiting for a further downside leg, and we are approaching the end of the 60 day cycle (with credit to Bob Loukas cycle analysis) it seems we might finally get the 14-15k target everyone that is stacking cash is waiting for.
If we do hit the downside target, it is definitely time to stock up, as this could represent a solid local and maybe even cycle bottom!
With continuation bear market sentiment, and statistical probability that this will break to the downside, the target is 14.3K based on the height of the wedge, or 27.4k in the unlikely situation we get a temporary relief rally, which would then meet with resistance at 29-30k based on the POC from the VPVR and Fibonacci levels.
Since the entire market seems to be waiting for a further downside leg, and we are approaching the end of the 60 day cycle (with credit to Bob Loukas cycle analysis) it seems we might finally get the 14-15k target everyone that is stacking cash is waiting for.
If we do hit the downside target, it is definitely time to stock up, as this could represent a solid local and maybe even cycle bottom!
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