Why I think that Bitcoin is in the bear downtrend?
Hey Tradingview crypto community!
Today I am sharing a couple of more ideas confirming that the price of Bitcoin is due for a further slip to the downside.
First of all, I would like to bring to your attention a bearish flag pattern formation on the daily timeframe of Bitcoin chart.
After some sideway moves within the band of this bearish flag, we are finally seeing that the price of Bitcoin has finally broken its
lower boundary.
I am not saying with 100% certainty that we will see Bitcoin moving towards the lower price levels immediately due
to huge manipulations by whales in the market. Thus, it could well be a 'fake out' and we could see Bitcoin pushing up to 51K level before
continuing its bear trend trajectory.
However, and if the bearish flag pattern will play out sooner or later, we could see Bitcoin price declining by the length of 'flagpole' and
reaches the 13.5K price level. Of course, this is a textbook theory move indicating where Bitcoin price should be heading towards. This price level
almost coincides with the 2018 Bitcoin 81%-83% correction standard where's we could see the Bitcoin bottom at 11.5K. Only if its past history repeats itself once again.
All I am 100% certain 100% that whilst three weekly Bitcoin candles have closed below the 21 Day EMA, Bears are definitely in charge of this battle.
Today I am sharing a couple of more ideas confirming that the price of Bitcoin is due for a further slip to the downside.
First of all, I would like to bring to your attention a bearish flag pattern formation on the daily timeframe of Bitcoin chart.
After some sideway moves within the band of this bearish flag, we are finally seeing that the price of Bitcoin has finally broken its
lower boundary.
I am not saying with 100% certainty that we will see Bitcoin moving towards the lower price levels immediately due
to huge manipulations by whales in the market. Thus, it could well be a 'fake out' and we could see Bitcoin pushing up to 51K level before
continuing its bear trend trajectory.
However, and if the bearish flag pattern will play out sooner or later, we could see Bitcoin price declining by the length of 'flagpole' and
reaches the 13.5K price level. Of course, this is a textbook theory move indicating where Bitcoin price should be heading towards. This price level
almost coincides with the 2018 Bitcoin 81%-83% correction standard where's we could see the Bitcoin bottom at 11.5K. Only if its past history repeats itself once again.
All I am 100% certain 100% that whilst three weekly Bitcoin candles have closed below the 21 Day EMA, Bears are definitely in charge of this battle.
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