Updating the Bitcoin chart following the earlier Bear Flag alert
I spotted another bearish continuation pattern that had already formed on top of the Bear Flag, a Pennant marked in orange
I drew it and share with you how it already played out so it can be used as a learning example
This helps illustrate how the current Bear Flag can repeat the same classic stages
1st stage - price broke down from the Pennant below 106k, similar to the recent Flag breakdown below 88k
2nd stage - price made a textbook pullback to the broken support, a common throwback seen in both patterns
3rd stage - price then resumed its downward move, completing the continuation sequence
I spotted another bearish continuation pattern that had already formed on top of the Bear Flag, a Pennant marked in orange
I drew it and share with you how it already played out so it can be used as a learning example
This helps illustrate how the current Bear Flag can repeat the same classic stages
1st stage - price broke down from the Pennant below 106k, similar to the recent Flag breakdown below 88k
2nd stage - price made a textbook pullback to the broken support, a common throwback seen in both patterns
3rd stage - price then resumed its downward move, completing the continuation sequence
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