BTC Bear Flag - Possible Reversal?
Updated
If you've been paying close attention to the charts at all (and no, not in 15 minute), then I'm sure yesterday you already noticed the bear flag that is solidifying.
Hopefully some of you were even able to make a nice short play yesterday and increase your stack, as I did.
For those of you that missed out because of Binance.. well, sorry for your luck, but here's the thing..
It's starting to look like we may get a similar play today.
We're seeing volume increase before the pending Lunar New Year, and right now in this bear flag the market is bashing it's head on 8500USD again.
I personally do not expect this to breakthrough up, and that the bear play will complete again and drive the price back down to 8000, or sub.
The more this happens, the more tired the bulls are going to get, and -on a whim- we could see the fractal complete and the market bottom again around 6k. This is all purely speculative though, I would not count on it.
There is a good chance for a reversal though if the bulls keep pushing. If they can break 8500 again and hold, we could very well see a shift in the market.
Volume is increasing, MACD on the 1 Day is off of a touch by a hair and threatening to crossover, and the market emotion seems to really want to force a change.
Again, I personally don't expect this to happen, I think the bears will win the flag again, but I will be far more cautious today and won't be making my trades until I feel assured that my assets are safe.
Stay safe, gamble smart, and be a little less greedy then the next guy my friends.
Have a good day!
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot***
Hopefully some of you were even able to make a nice short play yesterday and increase your stack, as I did.
For those of you that missed out because of Binance.. well, sorry for your luck, but here's the thing..
It's starting to look like we may get a similar play today.
We're seeing volume increase before the pending Lunar New Year, and right now in this bear flag the market is bashing it's head on 8500USD again.
I personally do not expect this to breakthrough up, and that the bear play will complete again and drive the price back down to 8000, or sub.
The more this happens, the more tired the bulls are going to get, and -on a whim- we could see the fractal complete and the market bottom again around 6k. This is all purely speculative though, I would not count on it.
There is a good chance for a reversal though if the bulls keep pushing. If they can break 8500 again and hold, we could very well see a shift in the market.
Volume is increasing, MACD on the 1 Day is off of a touch by a hair and threatening to crossover, and the market emotion seems to really want to force a change.
Again, I personally don't expect this to happen, I think the bears will win the flag again, but I will be far more cautious today and won't be making my trades until I feel assured that my assets are safe.
Stay safe, gamble smart, and be a little less greedy then the next guy my friends.
Have a good day!
- RECT
*** Don't take my word for it, I'm just a rookie who studies a hella lot***
Note
The bulls have broken out of 8k! I am still highly doubtful that this will be sustained, so keep your eyes on the chart and look for the swing!Just remember, this is only my opinion, you are responsible for your own money!
Note
8.5k***
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