Short term bearish sign for BTC

11 ก.พ. 2020

Bitcoin has a potential bear flag with a descending triangle on the hourly chart. This is a bearish pattern and could mean lower prices in the short term. Since BTC has been overbought on the daily chart, it wouldn't be a surprise.

If it breaks to the downside I would expect support around €8600-€8700, which would line up pretty well with the supporting trend line from the channel bitcoin is currently in.

Another scenario could be that price goes sideways until it hits the trending support, followed by either a break down or a bounce back up.

11 ก.พ. 2020

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Broken bullish instead. This pattern is invalidated.