BTC/USD: Bear Flag Pattern Analysis 1H (Aug. 05)
X Force Global Analysis:
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In this post, we analyze Bitcoin's hourly chart through technical analysis, in order to determine its bullish and bearish probabilities.
Analysis
- After a huge drop testing the 10.5k support, Bitcoin has been consolidating within an ascending parallel channel
- While it has formed higher lows and higher highs, this could be seen as a form of distribution before another leg down
- The setup appears to be a typical bear flag pattern, in which prices consolidate in a slight uptrend before breaking down for another bearish leg
- The Simple Moving Averages (SMAs) are aligned in reverse: the 100 SMA is at the very top, with the 50 SMA and 20 SMA below it.
- Bitcoin is currently testing the 0.5 Fibonacci retracement resistance
- Above it, it also faces the middle trend-line resistance of the ascending channel.
Market Sentiment:
Long short ratios are at 70 to 30, with significantly more long positions. While this reflects the dominantly bullish market sentiment, it also could be concerning from a contrarian point of view, as we have recently seen billions of long positions get liquidated from a sharp drop.
What We Believe
We believe that a corrective move is highly probable given the technical evidence substantiating cases for both bullish and bearish scenarios.
Let us know what you think in the comment section below
Trade Safe.
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this post, we analyze Bitcoin's hourly chart through technical analysis, in order to determine its bullish and bearish probabilities.
Analysis
- After a huge drop testing the 10.5k support, Bitcoin has been consolidating within an ascending parallel channel
- While it has formed higher lows and higher highs, this could be seen as a form of distribution before another leg down
- The setup appears to be a typical bear flag pattern, in which prices consolidate in a slight uptrend before breaking down for another bearish leg
- The Simple Moving Averages (SMAs) are aligned in reverse: the 100 SMA is at the very top, with the 50 SMA and 20 SMA below it.
- Bitcoin is currently testing the 0.5 Fibonacci retracement resistance
- Above it, it also faces the middle trend-line resistance of the ascending channel.
Market Sentiment:
Long short ratios are at 70 to 30, with significantly more long positions. While this reflects the dominantly bullish market sentiment, it also could be concerning from a contrarian point of view, as we have recently seen billions of long positions get liquidated from a sharp drop.
What We Believe
We believe that a corrective move is highly probable given the technical evidence substantiating cases for both bullish and bearish scenarios.
Let us know what you think in the comment section below
Trade Safe.
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