BTC/USD is now showing a very strong-looking bearish flag. 1st target level is labeled on the chart. 2nd target level is a somewhat less likely target based on a head & shoulders pattern that I outlined a couple weeks ago and have linked to this chart below.
trade at your own risk.
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market panic from bad news from South Korea confirms chart
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looks like it may actually want to go sub 10k, we'll see though
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updated chart. I've no idea what will actually happen out of these two pathways, but my guy says the first (top) pathway is more likely now.
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there's also a possibility that the price will bounce from around the middle of the long-term trend channel (the purple line here): I think at this point, all three paths I've outlined so far are equally likely.
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another bulltrap fractal in the making. should go to my labeled target here, probably a little bit higher though. afterwards I expect it to bounce off of one of the 3 trendlines in my above chart.
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revised my order. should go to the #1 fib extension.
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update for medium term outlook (most probable path outlined):
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new likely pathway:
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dropping WAAAAY faster than I expected:
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update: seeing some capitulation here off the top of the main trend channel; may go up to the .618 fib line (possibly higher) before continuation of the main downtrend.
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here we have a bearish continuation flag:
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looking like a bearish pennant is forming, target labeled on chart below:
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rising wedge suggests continuation of downtrend:
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descending volume within the rising wedge confirms the bearish continuation pattern
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this reactionary movement against the downtrend has become a bit more protracted than I expected initially. only becoming a larger rising wedge, which suggests that the downward movement will be larger. expected target: 5k
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update: looks more like a bearish flag at this point. target based on pattern projection is $5033
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high volume breakout from an inverse head & shoulders confirms current target of 12.1k:
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a break below this small head & shoulders on the hourly would confirm a move to 9.7k; further downward movement to at least 8.5k or lower would be likely after that
I'm not an experienced trader at all. I've been in and out since May and did some good and some bad calls. I'm always looking at better traders ideas and just happened to look at yours from Jan 8th.. Looks like you are spot on!
Thanks for posting and greetings from NYC.