Bitcoin (BTC) Mid-Day Update: Micro Sized Bear Flags
SUMMARY
The bear flags have been forming all day. The first fractal resulted in a decline that went beyond its starting point. The second bear flag seems about complete. Would a lower low be likely?
The symmetrical triangle pattern harbors the micro bear flags, as shown in below chart. Note how price bounced off the lower blue support line for the first bear flag. IF there is a decline, it is likely that price will bounce off the support line again.
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I have a feeling that in about a week from right now we are going to see some interesting action going on with the value of Bitcoin. There is already a glimpse of this going on right now in the crypto exchanges! Thanks as always for the information, charts and interpretation. -Respect
Looks like the "alts" are ready to move on whether it moves out of its funk or not....
Great article and very informative, thanks for sharing. I've smashed the upvote button for you!
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Very good analysis, we get to learn from this. Got to study this
the pressure is building! Excited to see which way it jumps out of the triangle!
Interesting Analysis. Very well thought out as usual. I have a slightly different count count. I see a possible bearish scenario that could play out in the next few days. I'd love to get your thoughts:
https://steemit.com/cryptocurrency/@workin2005/bitcoin-possible-bear-scenario
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DGB just went vertical...any analysis on it @haejin ?
Hello Haejin can you please do analysis for DCN?
Clearly a Bearish market. Almost every single Indicator show were are going to have a HUGE price movement downward. First 6k then reevaluate for 4.5k. Should happen in the next 12 hours.
I'm holding you to that.
2/2