๐ฅ Bitcoin Long-Awaited Bearish Break Out: Capitulation Ahead?
Over the course of the last two months I've made a lot of analyses where I talked about Bitcoin and the bear-flag pattern it was trading in. As bear-flags are bearish continuation patterns, my expectation was that, at some point, we would break out bearish.
In yesterday's BTC analysis I made the comment that BTC was hugging the support of the bear-flag in anticipation of FED Powell's speech.
With the world economy turning sour, especially in Europe, there was a decent probability that Powell would be hawkish during his speech, which was indeed the case.
At last, this bearish news was the tipping point for BTC to break out of the pattern after 2.5 months of being inside of it.
My expectation is that we're going to see more bearish price action, potentially even a capitulation event in the near future. First target at $19k.
See below for my recent BTC analyses.
In yesterday's BTC analysis I made the comment that BTC was hugging the support of the bear-flag in anticipation of FED Powell's speech.
With the world economy turning sour, especially in Europe, there was a decent probability that Powell would be hawkish during his speech, which was indeed the case.
At last, this bearish news was the tipping point for BTC to break out of the pattern after 2.5 months of being inside of it.
My expectation is that we're going to see more bearish price action, potentially even a capitulation event in the near future. First target at $19k.
See below for my recent BTC analyses.
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