Potential Bear Flag?
*NOT FINANCIAL ADVICE - JUST MY OPINION*
On the 4 hour chart it looks like a potential bear flag is forming - what's interesting though is that every bear flag that's formed off the rising support line has been negated - which I've circled.
Based on the RSI & Stoch RSI on the 4 hour chart entering an upward trajectory, my anticipation is that we will see consolidating upward momentum for next day or two maximum, a bear break to the bottom of the support channel once volume comes in (I don't expect this bear flag to reach it's full target as that would break our support that has been extremely strong last few months) and if we are following previous patterns, the DAILY Stoch RSI at that point should reach oversold conditions - which should lead to another bounce of the upward trending support line.
My guess is except the price to reach the ~$6,200 level by 28/09 when volume comes in and bear flag breaks down - then expect a consolidation along that level ~$6,200, this will form a pattern that would resemble a bearflag again & that bear flag to be negated & to bounce upwards from there if we are following the higher lows pattern and upward trending support line + also following the pattern of negated bearflags circled in last few similar price movements on the chart.
On the 4 hour chart it looks like a potential bear flag is forming - what's interesting though is that every bear flag that's formed off the rising support line has been negated - which I've circled.
Based on the RSI & Stoch RSI on the 4 hour chart entering an upward trajectory, my anticipation is that we will see consolidating upward momentum for next day or two maximum, a bear break to the bottom of the support channel once volume comes in (I don't expect this bear flag to reach it's full target as that would break our support that has been extremely strong last few months) and if we are following previous patterns, the DAILY Stoch RSI at that point should reach oversold conditions - which should lead to another bounce of the upward trending support line.
My guess is except the price to reach the ~$6,200 level by 28/09 when volume comes in and bear flag breaks down - then expect a consolidation along that level ~$6,200, this will form a pattern that would resemble a bearflag again & that bear flag to be negated & to bounce upwards from there if we are following the higher lows pattern and upward trending support line + also following the pattern of negated bearflags circled in last few similar price movements on the chart.
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