BTC possible bear flag w/ 5k 2.5k targets
We're at a critical support zone indeed, as targets of prior bearish patterns have been met.
However, the volume is just picking up & death cross just confirmed. This means we are finally out of the "denial" phase & more capitulation will come.
This is normal bubble burst process & the current bounce is some cautious shorts closing their positions (as targets are met). Still, I don't expect many buyers at this price.
A few months ago people mentioned 9k would be impossible because everyone would be buying. Obviously that's not the case. I don't expect this time to be different.
I'd like to reiterate that the bottom is where the price NO LONGER bounces. It'll stay flat for weeks or even months and slowly regain traction.
However, the volume is just picking up & death cross just confirmed. This means we are finally out of the "denial" phase & more capitulation will come.
This is normal bubble burst process & the current bounce is some cautious shorts closing their positions (as targets are met). Still, I don't expect many buyers at this price.
A few months ago people mentioned 9k would be impossible because everyone would be buying. Obviously that's not the case. I don't expect this time to be different.
I'd like to reiterate that the bottom is where the price NO LONGER bounces. It'll stay flat for weeks or even months and slowly regain traction.
Nota
Death cross also confirmed on btfx. Now on all markets. Should see significant drop in the coming weeksNota
green day over?Nota
probably just normal P&Dof course it's not going straight to the bottom. will take months
Nota
we can clearly see the flag forming nowthe target will be the 5k - 5.5k zone
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