BitcoinShort
BTC Bear Trend Continuation
Following my previous chart on the apparent ascending triangle, BTC did indeed break to the downside as anticipated.
The triangle's support became resistance with a rejection from the trend line and subsequently seems to be forming a bear flag.
The price action also seems to be respecting the Fibonacci levels. Should this trend continue, then I predict that we will continue to see movement to the downside - further supported by copying the flagpole of the bear flag over, which places a target range meeting the 0.786 Fib.
With continued engulfing selling volume and resistance from the 50 EMA, I believe the downward trajectory towards the highlighted order block remains a likely scenario.
The triangle's support became resistance with a rejection from the trend line and subsequently seems to be forming a bear flag.
The price action also seems to be respecting the Fibonacci levels. Should this trend continue, then I predict that we will continue to see movement to the downside - further supported by copying the flagpole of the bear flag over, which places a target range meeting the 0.786 Fib.
With continued engulfing selling volume and resistance from the 50 EMA, I believe the downward trajectory towards the highlighted order block remains a likely scenario.
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