BTC/USD - Is Everything Really So Bad?

At the moment, we can see the formation of a bearish flag/wedge after breaking through the ascending-correctional channel.
There are two major supports that we can face on our way lower:
support of the large falling channel and a support of a small falling channel.
We also can see the very interesting zone - a mirror level, which will help us understand the next market movement.

Firstly, we have to consolidate below the support of a large falling channel, which we have already successfully broken with a spike (29 Jan 07:00 UTC).

Secondly, if we fix below the mentioned support, we would fall lower to the mirror level, where the next step will become more clear: whether it will be the correction and retest of the previous support (where 3 green arrows are directed) the instant break through the support of a small falling channel.

Lastly, RSI updates the bottom along with the price chart, which tells us that the place for further falling still exists.

It would be a very strong bearish sign, If we break through the mirror level and support of the small falling channel.

This scenario will not work if we do not break through the support of a large channel.

If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.

코멘트: