🔥 Bitcoin's Bear-Flag Still Intact: Back To Support?

١ أغسطس ٢٠٢٢

A couple of days ago I made an analysis where I made a trading plan if BTC broke out of the bear flag's channel. Sadly for the bulls, the top blue resistance of the channel held and the price went back down. Since we didn't break out and retest the top resistance as support, no entry was made and the signal ended up neutral.

For now, it's hard to say where BTC will go. If anything, I'd not looking for long entries in this area. I'd be scouting for an entry on either the purple support or the blue support. Purple being a higher risk entry, blue being lower risk.

Unless we get a stock market melt-down, I can't imagine BTC trading below 20k in the near future, but you never know.

What do you think?