A while ago I made an analysis on BTC and the bear flag it was trading in. As expected, we moved down to retest the bottom support line of the pattern and even broke out of it for a while. To my surprise, the very negative CPI print didn't cause BTC to drop further. In contrary, we've see a nice uptrend ever since.
At this point, all eyes are on the FED meeting in two weeks. Until then, I assume we continue to trade within this pattern, potentially even break out of it on the top side. BTC hasn't seen a notable bullish bounce in almost 4 months now, so a move to $25k is definitely in the cards.
Watch for the top resistance of the bear flag. This might cause BTC to fall and make a move towards the bear flag support. In the long-run, I'm still expecting BTC to drop further below $18k because bear flags tend to break bearish. A daily close above $25k will invalidate my thesis.
At this point, all eyes are on the FED meeting in two weeks. Until then, I assume we continue to trade within this pattern, potentially even break out of it on the top side. BTC hasn't seen a notable bullish bounce in almost 4 months now, so a move to $25k is definitely in the cards.
Watch for the top resistance of the bear flag. This might cause BTC to fall and make a move towards the bear flag support. In the long-run, I'm still expecting BTC to drop further below $18k because bear flags tend to break bearish. A daily close above $25k will invalidate my thesis.
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