Summary:
Bitcoin price has just broken the bear flag and made lower low for the first time after a full day range bound yesterday. I was expecting a higher highs to 10k level before we head down so that the Bear flag comes perfectly of 50% fib. This breakout could be a trap too, we need to see if the trend line support zone at 8400 level holds or not before we decide on the 6k level target zones.
I would consider the downtrend is confirmed if we breakdown the 8400ish support zone. Volume hasn't been coming in and MACD is almost crossing towards the downside on 4hr chart.
Targets for the bear flag if support doesn't hold are 6600ish level ( Conservative target) and 5300ish level ( Aggressive target).
If you like this post please upvote, follow and Resteem this post, You can also follow me on twitter to get instant updates @tradewithtechie
Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
