BTC/USD is forming a bearish flag. Really similar to XRP some days ago. Target 8k USD. I am glad for any feedback!
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After the lesson from @perfido I have to correct the target to 10k for one BTC. But we have to see if the chart will break the pattern now or if it will go up again!
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I really like this TA! the bearish flag is following the trend lines really well! Have a look!
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I think we have reached the target! The 7500 mark in the first screen is a little bit to exaggerated but all in all i was really close! So we are hitten a new support zone right now. It can drop further. The volume is really high right now. So i think btc could have really reached the bottom. What is confirming my theorie is that we had a beautiful last 5 wave elliot to rounded 9k. :D
Even if you are a novice and you had many haters here, your TA was the most accurate on the entire tradingview on btcusd.
DAVEDT
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@perfido, thanks mate!! so honored to hear that from you! And yes I am a novice ahaha! If I have haters I am doing something right ahaha!
perfido
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@DAVEDT, we might not have reached the bottom yet, but things start to slow down from here. Unfortunately TA and charting can not take into account major powers playing with bitcoin.
DAVEDT
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@perfido, yeah i think major powers have had fun enough!
am4200
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hello. what is the next target??
perfido
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I enjoy to see how people react to analysis that are against their interest. You are not traders sorry.
This is what I think indeed
-flag tilted against the prevailing price trend -> OK
-trend lines parallel -> OK
-less than 3 weeks -> OK
-steep and day-long flagpole -> OK
-volume trending downward -> yes but NOT so much
4 out of 5... YES that's a flag! great find!
pattern broken and confirmed today too!
the correction of a typical flag is a bit less of your idea, top of the pole to bottom of the flag = top of flag to correction.
in this case target about 10-11k depending on measure.
@perfido, would be awesome if you post ho you calculate the final drop! I can't find it!
perfido
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@DAVEDT, top of the pole to bottom of the flag = top of flag to correction, that's the price expectation. top of the pole ~19000 bottom of flag ~11500 top of flag ~17500 expectation ~10000.
keep in mind that
1)only half of the flags meet this price expectation. it should be compounded with support levels and fibonacci.
2) depending on how you draw the flag it might be that the breakout has not happened yet, or it has and is having a pullback. in the first case it could still bounce and breakout upwards, in the second case the drop would still occour but with reduced expectation.
in any case it's a flag and the only thing to do is to wait for pattern confirmation before risking a long/short.
I don't own any btc at the moment but I expect the price to fall further.