Big Bear Flag. You are here.

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The flag already has two highs and three lows, meaning it's definitely a flag now. Beware of when price rises and touches the descending blue line. The last two hits brought a severe reaction, much more so than touching the bottom of the flag. I would've been a convinced 50/50 on this since the flag is symmetrical, but the way it responded to that blue downtrend resistance is disheartening. The good news is, I don't expect it to dump out tomorrow unless there's some horrible moves on Wall Street as well.

Also price broke support at 19600 and has been trying to retest and regain it all day without luck. Price is beneath the ma50/100/200 daily and been struggling with the 200 week MA for an unprecedented 3 months. For now BTC is gonna do whatever stocks do.

Note, if that flag breaks down, there's mostly air below.

What do you think is coming? I have more to say but would love to hear from you.




This is NOT financial advice on how to trade, but only my observations.

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ملاحظة

Well that was quick. BTC has now dumped OUT of the flag and is struggling to get back in. A failure to retest, closing the daily below the flag will result in dropping to around the 17500 area. That coincides with the end of the flag stick that started this segment. The next stop down is just below 16000.

Some have indicated price is beginning to enter the oversold zone. However, history shows us that this can be a lagging gauge and it can remain in oversold territory (or overbought) for quite sometime before a divergence develops.