$BTC >> Examining the bearish scenario $6.8k target level

Hi everyone,

Welcome to another update on Bitcoin where today we examine the bearish scenario.

The bearish scenario I am seeing has a $6,800 level target, with the following confluences:

1- Target of weekly bear flag
2- 78.6% fib retrace from ATH to bearmarket low
3- 50 Weekly Moving average
4- Historical (2 year) S/R line with significant VPVR

Best way to trade this is to wait for a breakdown from the bear flag formation.

The 50 Week moving average is a VERY key level - Bitcoin must NOT break it. Retesting it with a sharp strong bounce/bull rally makes a lot of sense though given the technicals of this scenario.

I would give this bearish scenario a 40-45% probability. I remain bullish overall unless the Weekly EMA ribbon is broken or the bear flag is broken to the downside.

Cheers,
Leb Crypto