After the crash of black Thursday there was no structure in the charts of BTC. After a week I look at the chart of BTC and I see a Bearish Flag Pattern. Some qualifications of a Bearish Flag Pattern are:
* Bearish Flag Pattern is indentified in a down trend
* Bearish Flag Pattern is forming after a big pullback ---> Thursday 12th of March
* BTC is moving near a Moving Average ---> BTC is currently moving near the 200MA
If this plays out and BTC is breaking the support of $5600 than there is a big chance we are going much lower. The pullback on Black Thursday was app. $3000, I personally think that the bottom will be set ($5600-$3000) between $2000 and $3000...IF the stockmarkets will fall back one more time next week.
What do you think guys?
* Bearish Flag Pattern is indentified in a down trend
* Bearish Flag Pattern is forming after a big pullback ---> Thursday 12th of March
* BTC is moving near a Moving Average ---> BTC is currently moving near the 200MA
If this plays out and BTC is breaking the support of $5600 than there is a big chance we are going much lower. The pullback on Black Thursday was app. $3000, I personally think that the bottom will be set ($5600-$3000) between $2000 and $3000...IF the stockmarkets will fall back one more time next week.
What do you think guys?