๐ฅ Bitcoin Bearish Channel Break Out: Further Fall Expected
A couple days ago I made an analysis on BTC and the bear-flag it was trading in. In said analysis I said that it was very likely that BTC would move all the way down to retest the support of the bear-flag. And, here we are.
I've added a new bearish target line on the chart, see bottom blue line. A break out bellow the lowest support line would mean a bearish break out of the bear-flag and signal a move to the $17.5k lows. Bear flags are theoretically more likely to break bearish, so we're assuming a move to $17.5k until proven otherwise.
For now, I expect a minor bullish move towards the bottom support line of the bearish channel, see purple line. The RSI is quite oversold, so it's likely we can get some minor bounce going.
Blue dotted lines are bear flag supports which function as targets for the coming week or so.
I've added a new bearish target line on the chart, see bottom blue line. A break out bellow the lowest support line would mean a bearish break out of the bear-flag and signal a move to the $17.5k lows. Bear flags are theoretically more likely to break bearish, so we're assuming a move to $17.5k until proven otherwise.
For now, I expect a minor bullish move towards the bottom support line of the bearish channel, see purple line. The RSI is quite oversold, so it's likely we can get some minor bounce going.
Blue dotted lines are bear flag supports which function as targets for the coming week or so.
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