BTC Monthly Chart: The Bottom Price
Today you can review the technical analysis idea on a 1M linear scale chart for Bitcoin (BTCUSD).
The Bitcoin price has been forming a bear flag pattern with the break down around 18.3K - 18.5K. If the price breaks below that range, expect the bear flag target of 3.5K - 3.6K. This will not be a quick move as this is a monthly chart.
I am more concerned than before about this target move as the RSI, Stochastic RSI and MACD all provide a bearish outlook as shown in the chart. Also the measured move target falls in line with a descending wedge pattern which BTC has been inside since the all time high. Lastly, the 3.5K-3.6K range is about 95% from the all time high which is common during a bear cycle of BTC.
I have been calling drops on BTC since November and December of 2021. I am more concerned than before that more drops are coming. Be careful.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
The Bitcoin price has been forming a bear flag pattern with the break down around 18.3K - 18.5K. If the price breaks below that range, expect the bear flag target of 3.5K - 3.6K. This will not be a quick move as this is a monthly chart.
I am more concerned than before about this target move as the RSI, Stochastic RSI and MACD all provide a bearish outlook as shown in the chart. Also the measured move target falls in line with a descending wedge pattern which BTC has been inside since the all time high. Lastly, the 3.5K-3.6K range is about 95% from the all time high which is common during a bear cycle of BTC.
I have been calling drops on BTC since November and December of 2021. I am more concerned than before that more drops are coming. Be careful.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #millionaireeconomics
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