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Bitcoin bearish flag - target level ~$10k

BITFINEX:BTCUSD   Bitcoin / Đô la
BTC/USD             is now showing a very strong-looking bearish flag . 1st target level is labeled on the chart. 2nd target level is a somewhat less likely target based on a head & shoulders pattern that I outlined a couple weeks ago and have linked to this chart below.

trade at your own risk.
Giao dịch bắt đầu: market panic from bad news from South Korea confirms chart
Bình luận: looks like it may actually want to go sub $10k, we'll see though
Bình luận: updated chart. I've no idea what will actually happen out of these two pathways, but my guy says the first (top) pathway is more likely now.
Bình luận: there's also a possibility that the price will bounce from around the middle of the long-term trend channel (the purple line here):

I think at this point, all three paths I've outlined so far are equally likely.
Bình luận:
another bulltrap fractal in the making. should go to my labeled target here, probably a little bit higher though. afterwards I expect it to bounce off of one of the 3 trendlines in my above chart.
Bình luận: revised my order. should go to the #1 fib extension.
Bình luận: update for medium term outlook (most probable path outlined):
Bình luận: new likely pathway:
Bình luận: dropping WAAAAY faster than I expected:
Bình luận: update: seeing some capitulation here off the top of the main trend channel; may go up to the .618 fib line (possibly higher) before continuation of the main downtrend.
Bình luận: here we have a bearish continuation flag:
Bình luận: looking like a bearish pennant is forming, target labeled on chart below:
Bình luận: rising wedge suggests continuation of downtrend:
Bình luận: descending volume within the rising wedge confirms the bearish continuation pattern
Bình luận: this reactionary movement against the downtrend has become a bit more protracted than I expected initially. only becoming a larger rising wedge, which suggests that the downward movement will be larger. expected target: $5k
Bình luận: update: looks more like a bearish flag at this point. target based on pattern projection is $5033
Bình luận: high volume breakout from an inverse head & shoulders confirms current target of $12.1k:
Bình luận: a break below this small head & shoulders on the hourly would confirm a move to $9.7k; further downward movement to at least $8.5k or lower would be likely after that
Bình luận: forgot the chart for above update:
spot on
+1 Phản hồi
@DCFreak, thanks! :)
Phản hồi
positive breakout?
Phản hồi
Yes,,... we might hit 6k again or 5.5k or 4k,... but reversal of trend is showing on 1 day chart,... it is over l. USA
Phản hồi
+1 Phản hồi
team_USA cryptoniter
Phản hồi
Unless it will go up from here though. ;)
Phản hồi
Hey Team USA!

I'm not an experienced trader at all. I've been in and out since May and did some good and some bad calls. I'm always looking at better traders ideas and just happened to look at yours from Jan 8th.. Looks like you are spot on!
Thanks for posting and greetings from NYC.
+1 Phản hồi
@Daggis, hi! thanks, and you're welcome : )
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