Is the worst over in Bitcoin? (Bearish Flag - Red Alert)
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If the history repeats itself we are in for another big fall in BITCOIN . When BTC came down to it's major support zone , it consolidated and made a Bearish Flag 1.
Once the breakdown happened, it fell almost as much as the pole of Flag 1 and made a low of approximately 17500.
I have drawn 4 blue lines (Support 1-4) - all supports taken from the weekly chart (bottom left corner)
Now it's consolidating around Support 1 and forming another flag kind of structure ( Bearish Flag 2)
SCENARIO 1 - If BTC breaks down the bearish flag 2 (starts closing below 17,500) - we can expect more fall with 14,000 being next support
SCENARIO 2 - If the Bearish flag structure fails and BTC start closing above 23,400 level - we can expect an upmove till major support zone (28000 - 32000) range. There is a downward "Trendline" also which will break in this scenario. But after retest it can again come down.
Once BTC starts giving weekly closing above the major support zone - that's when we can expect some reversal.
Learn & Earn,
Dr . Tanya Kumar
Once the breakdown happened, it fell almost as much as the pole of Flag 1 and made a low of approximately 17500.
I have drawn 4 blue lines (Support 1-4) - all supports taken from the weekly chart (bottom left corner)
Now it's consolidating around Support 1 and forming another flag kind of structure ( Bearish Flag 2)
SCENARIO 1 - If BTC breaks down the bearish flag 2 (starts closing below 17,500) - we can expect more fall with 14,000 being next support
SCENARIO 2 - If the Bearish flag structure fails and BTC start closing above 23,400 level - we can expect an upmove till major support zone (28000 - 32000) range. There is a downward "Trendline" also which will break in this scenario. But after retest it can again come down.
Once BTC starts giving weekly closing above the major support zone - that's when we can expect some reversal.
Learn & Earn,
Dr . Tanya Kumar
Note
Scenario 2 - BTC has failed the bearish flag structure and now headed towards 28k if gives a strong closing todayNote
It's still trying to give a closing above 23400...wait for confirmationNote
Failed to close above 23400... Might retest lower Trendline now
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TG channel t.me/priceactionchart
My TG ID @tanya151181
Course details:
tinyurl.com/PAC2COURSE
All Ideas posted by me are for Educational Purpose.
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