Hi Guys, so finally as expected BTC is starting to drop under it's 200 daily moving average and could drop much lower. But where could this drop go before we see a bounce ? Really hard to tell, we have support between the 7k to 8k zone and some strong support at 6k (I mean look at the huge volume we got there). HOWEVER ! We can see an interesting pattern on bitcoin since the beginning of the bear market. We got a lot of huge bear flags. I'm not a fan of those kind of simple patterns like this to predict the market, but those flags were right each time. 3/3 ! 100% !
Everybody knows than the length of a flag is ''supposed'' to predict the length of the next movement right ? Well those 3 flags did it ! So, even if I'm not a big fan of those patterns, what I do like is their probabilities ! And we have some great ones here.
You can see on our chart than when we broke the 200 daily sma earlier today, we also start the break out of the last bear flag we were trading in since couple days now. So ? Well probabilities are in favor right now and this flag length will once again maybe predict the next length of this downtrend before Bitcoin starts going sideways or bounce. Again, don't take this for granted, THESE ARE JUST PROBABILITIES... But good ones !
Stay tuned for more updates,
Fred
Everybody knows than the length of a flag is ''supposed'' to predict the length of the next movement right ? Well those 3 flags did it ! So, even if I'm not a big fan of those patterns, what I do like is their probabilities ! And we have some great ones here.
You can see on our chart than when we broke the 200 daily sma earlier today, we also start the break out of the last bear flag we were trading in since couple days now. So ? Well probabilities are in favor right now and this flag length will once again maybe predict the next length of this downtrend before Bitcoin starts going sideways or bounce. Again, don't take this for granted, THESE ARE JUST PROBABILITIES... But good ones !
Stay tuned for more updates,
Fred
