Bitcoin (BTC): "Stating the Obvious!?"

Bitcoin has finally shed some light on its future price trajectory. After 6 long months it has formed a “valid” bear flag, in which the 200MA has acted as a strong support (since January 2022). The 50MA, on the other hand, currently acts as a resistance on the daily. On a smaller timeframe (1 and 4h, see update on previous idea: Final Leg Down), you can see that Bitcoin has finished its 1st impulsive wave down and is nearing the end of its short-term consolidation in wave C. What’s more is the upcoming death cross (3D) may signal the breakout of the bear flag. For now, I am expecting a move towards the 42K range before we start moving impulsively down for wave 3.

Validation bear flag:

• The pole has been formed impulsively (zigzag, 5-3-5);
  
• The price action in the retracement phase has been moving in a narrow range between two parallel lines and consists of two price waves (ABC correction);
  
• The price has not retraced to about 50% of the pole;
  
• Waiting for a bearish candlestick
  

The next coming days will be crucial for Bitcoin. Any feedback would be much appreciated.

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Cheers.

Yorum:

Typo* the price has retraced to about 50% of the pole;

Yorum:

Whether we are going to move impulsively down for wave 3 or have a short-term zigzag correction, we're going down.