There is a textbook bear flag forming on the daily and weekly TFs for BTCUSD. This flag is forming after an aggressive move down and has not had the strength to move back up through the 0.382 Fib, signaling the viability of the pattern. The VPVR is showing a B shaped volume profile at the point of control, reinforcing the probability of a move to the downside. I have outlined targets that coincide with the high volume nodes that should act as demand zones. The safest short entry point is a break of the flag, towards the downside, with high volume confirming the breakout. There is always the possibility of the pattern being a reversal if it takes too long to complete so have a trading plan for both potential moves.
Commentaire:
I would not be surprised if the targets aren't reached until the last quarter of 2022 but the breakout volume supports the pattern.