BTC 12H Bear Flag Confirmed.

After cooling off shorter term (4H) RSI levels, we have seen another leg down on BTC as we approach key $7,700 support, and get closer to confirming the weekly bear flag. Even the alt coins who have been holding up much better are starting to see some signs of the bulls losing their grip.

From here I will continue to patiently wait, as I have been for over a week, for a more favorable setup. The bears are very comfortable with most trends in their favor.

I personally will only begin to get interested in a BTC bounce when the daily and 4 hour RSI are BOTH in at least the mid 20s at the same time. We will still be looking for the monthly higher low to form, so I will remain interested in bounces.