BTC is poised to either confirm a possible bear flag continuation signal of the recent corrective down trend or acknowledge it's current support line. If the former scenario plays out we can expect a further move down to either the $8000 or $9000 support levels. $8000 will mean a 100% retracement of the recent surge. The latter scenario has in it's favour the convergence of the $14,000 level, 0.5 Fib (more a psychological level than a real Fib) and the support trend line. If it holds and confirms the continuation of the uptrend we can expect to be revisiting the ATH in a matter of weeks if not days.
@MXAnt44 good catch on this one that is a bear flag indeed - Wondering if BTC is able to climb out of it, its currently attempting the ascent .
MXAnt444
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@mycotoxin, Thanks mate. Looks like the bear flag is confirmed as it's just plunged under the support line. Kinda looks like a SHS as well.. should be good swing trading on the way down as each time it breaks down through a key support level it will ALWAYS rise to it again before continuing down.