BITCOIN (#BTC): Bearish Flag - downtrend will continue
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As was predicted even couple of days before, BTC is going down. It finished forming of reversal "Head and Shoulders" pattern and the price dropped again below $9000.
Now, on 12H TF, you can see the well-known figure named "bearish flag" with the prospect of downtrend will continue.
Let's take a look at EMA trend lines - possible "Golden Cross" failed (purple rectangle) and price dropped down. Both EMAs become strong resistances, EMA200 at $9050 and EMA50 at $8800.
MACD also indicates downward trend, and for now there is nothing to indicate rebound, at least in the coming days.
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Now, on 12H TF, you can see the well-known figure named "bearish flag" with the prospect of downtrend will continue.
Let's take a look at EMA trend lines - possible "Golden Cross" failed (purple rectangle) and price dropped down. Both EMAs become strong resistances, EMA200 at $9050 and EMA50 at $8800.
MACD also indicates downward trend, and for now there is nothing to indicate rebound, at least in the coming days.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Komen
We saw a huge breakdown occured from the bearish flag at the morning. Price dumped to $8200. Then BTC was pumped at the current price $8700. But this pump isn't enough for significant BTC upward growth. More volume is needed, but we are below average. Important trendline's resistances such as EMA200 and EMA50 are above us, around $8800. If BTC get through these resistance, the new Elliott's Wave will begin. We need to daily close above $8800 and open with bullish candle. So, our profit targets will be $9300/$9500/$9900.
On the other hand, if BTC fails - our first buy target will be around $7300. Rebound at this price is expected.
Conclusion - in next hours, BTC will re-test $8800 resistance again. It is possible with significant volume only. So, keep watching volume profile.
Komen
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