If BTC fails to break above the largeish bear flag it is establishing right now, it could crash to touch the July-September low trend line which it bounced off of in February. The setup right now has striking similarities to the fall at the beginning of February which makes me think we are headed lower. The feb 2 bounce was protracted and had decent volume just as this bounce did, but ultimately buyers could not push the price higher than the flag structure and it broke down dramatically. with the tapering volume near the top of the flag yesterday and today, I believe the same dynamic is in play and there will be a dramatic breakdown.
If it breaks above the top of the flag, I would not be surprised to see a rally to test the inverted head and shoulders neckline, however buying momentum has dramatically reduced in recent days and so a pull back above $10K would not surprise me either.
If it breaks above the top of the flag, I would not be surprised to see a rally to test the inverted head and shoulders neckline, however buying momentum has dramatically reduced in recent days and so a pull back above $10K would not surprise me either.
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This is turning into an epic bear flag.