Hello Traders!
Another update today, which will be on Big Baddy BTC, forming a potential classic bear flag and is trading at $8000 psychological level. It is highly probable that this bear flag comes to fruition as the lower trend lend is being tested for the third time…
Points to consider,
- Trend in a bearish structure
- Lower resistance at .236 Fibonacci Level
- Stochastics in lower region
- RSI in lower regions but not extremely oversold
- EMA’s giving price resistance
- Volume below average
- VPVR showing low volume of transactions below bear flag
BTC is holding the $8000 psychological level on the lower trend line of this potential bear flag; we can say that this is one clean looking bear flag…
The trend is overall bearish as it has been putting in consecutive lower highs; no new higher lows have been established after initial bear break from upper descending triangle. Local resistance is at the .236 Fibonacci Level, which is inside bear flag, BTC has tried to break above it multiple times but has failed.
Stochastics are currently trading in the lower region; it can stay in this area for an extended period of time until we see a clear cross to project upside. The RSI is also trading in the lower region, but not overly oversold, it has cooled off from recent lows, a bounce from this current bear flag support line can further cool of the RSI.
The EMA’s providing price with resistance, however does look weak as price has been trading through it within this bear flag. Volume is below average, we need to see an influx of bear volume if this bear flag was to come to fruition.
The VPVR is interesting as it shows low levels of transactions below the bear flag, price is more probable to reach technical target due to low levels of transactions (resistance) posed by the VPVR…
Overall, IMO, it is highly probable for this bear flag will come to fruition as BTC is established in a bear trend. The technical target of $6500 has historical significance; it would make a lot of sense if BTC were to retest those levels…
What are your thoughts?
Please leave a like and comment
And remember,
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
Another update today, which will be on Big Baddy BTC, forming a potential classic bear flag and is trading at $8000 psychological level. It is highly probable that this bear flag comes to fruition as the lower trend lend is being tested for the third time…
Points to consider,
- Trend in a bearish structure
- Lower resistance at .236 Fibonacci Level
- Stochastics in lower region
- RSI in lower regions but not extremely oversold
- EMA’s giving price resistance
- Volume below average
- VPVR showing low volume of transactions below bear flag
BTC is holding the $8000 psychological level on the lower trend line of this potential bear flag; we can say that this is one clean looking bear flag…
The trend is overall bearish as it has been putting in consecutive lower highs; no new higher lows have been established after initial bear break from upper descending triangle. Local resistance is at the .236 Fibonacci Level, which is inside bear flag, BTC has tried to break above it multiple times but has failed.
Stochastics are currently trading in the lower region; it can stay in this area for an extended period of time until we see a clear cross to project upside. The RSI is also trading in the lower region, but not overly oversold, it has cooled off from recent lows, a bounce from this current bear flag support line can further cool of the RSI.
The EMA’s providing price with resistance, however does look weak as price has been trading through it within this bear flag. Volume is below average, we need to see an influx of bear volume if this bear flag was to come to fruition.
The VPVR is interesting as it shows low levels of transactions below the bear flag, price is more probable to reach technical target due to low levels of transactions (resistance) posed by the VPVR…
Overall, IMO, it is highly probable for this bear flag will come to fruition as BTC is established in a bear trend. The technical target of $6500 has historical significance; it would make a lot of sense if BTC were to retest those levels…
What are your thoughts?
Please leave a like and comment
And remember,
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
