Bitcoin BEAR FLAG (Maybe)
BTCUSDSeems like lots of popular YouTubers have been calling for an ascending triangle on BTC, which seems a bit forced, (imo).
Personally, I see a bear flag, and a re-test of the previous weekly head and shoulders with an eventual target to break lower. Call me simple, but that's my view.
Understandably, this environment certainly isn't easy for many traders, since there have been lots of crazy swings as of late.
That said, I see us retesting the low part of the range (circa 35-36.5k) once more.
After all, it would only be fair.
I also believe we can test as high 47.5k -- leaving us with a presumed false breakout of the YouTubers' "ascending triangle"...
For now...
The easy trade is to simply wait for the break of the range and either go long above the channel and short with a break of lower channel (at your own risk).
PLEAE NOTE: Since so many people are calling for an ascending triangle, for them 47.5k may look like a break of that triangle, without breaking out of the bear-flag channel.
DISCLAIMER: My ideas are not financial advice. I will probably be wrong (or right), but I don't manage your risk.
That's your business.
When all else fails, simplify. -Me
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!
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