Bitcoin continues Bi Polar run ð ðŧ
During its Bear Market rally Bitcoin has formed a Bear flag with a wising wedge inside. Ultimately both broke down, although we have not seen the break down for the flag many wanted.
Now BTC is forming a Bearish Pennant under the bear flag.
The big difference between Pennants and triangles are the fact that pennants happen after big spikes up/down.
With a breakdown of the lower support price action targets would be the low 19's.
20.7k which is the previous pivot low seems to be a level of high interest to protect.
On the higher time frames BTC is overall more Bearish as well:
ðī Weekly close below the 200MA/210MA
ðī Closed as Bearish Engulfing
ðī Opening candle is outside of the flag
ðī DXY closed weekly at 20 year high
Slightly above average volume shows the higher time frame move was supported but not overwhelmingly.
Overall I am Bearish but I am not married to being a perma bear.
Now BTC is forming a Bearish Pennant under the bear flag.
The big difference between Pennants and triangles are the fact that pennants happen after big spikes up/down.
With a breakdown of the lower support price action targets would be the low 19's.
20.7k which is the previous pivot low seems to be a level of high interest to protect.
On the higher time frames BTC is overall more Bearish as well:
ðī Weekly close below the 200MA/210MA
ðī Closed as Bearish Engulfing
ðī Opening candle is outside of the flag
ðī DXY closed weekly at 20 year high
Slightly above average volume shows the higher time frame move was supported but not overwhelmingly.
Overall I am Bearish but I am not married to being a perma bear.
We are approaching a bit more resistance w/ the new flag and being under the bigger picture flag. The last few times BTC has had similar structure its consistently broken down. I remain sidelined as far as BTC is concerned as there is no clear path up/down at the moment.