BTC Bear Flag Short Idea
BTC recently had a failed shorter term bull flag breakout attempt, but it held 57.7k. However, there's a nice looking bear flag forming here and it has broken below. I'll be looking for shorts on a retest or on another rally if we never get a retest. We still have demand shortly below and the critical 57.7k area.
First downside target from there is around $52-50k which is a previous swing low along with prior support/demand. Final target will be the flag pole target around
46K if 50k gives. I think if 50k gives it's not going to be pretty, but I'd still take profit at 46K and reassess if it hit. First upside target is supply around 60k followed by the previous double top at 
65K if bulls manage to save it from this downside bear flag break.
First downside target from there is around $52-50k which is a previous swing low along with prior support/demand. Final target will be the flag pole target around
46K if 50k gives. I think if 50k gives it's not going to be pretty, but I'd still take profit at 46K and reassess if it hit. First upside target is supply around 60k followed by the previous double top at 65K if bulls manage to save it from this downside bear flag break.Commentaire
That was a clean bear flag, but it was a fakeout. Big explosion instantly after it reclaimed. Stalled right at supply around 60k. Next upside targets would be the top end of the bear flag and 65k.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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