bear flag on hourly ?

Bitcoin (BTC) has been in a corrective phase, retracing to catch up with the 50% Fibonacci levels from its all-time high around $70,000. After completing a five-wave decline, BTC found support around the $18,000 mark, initiating a corrective move towards the $40,000 zone through a five-wave ABC correction pattern.

As of the current analysis, it appears that BTC is working on completing wave 4 of 5, with a potential target around the $34,000 region. This could present a buying opportunity for investors, with a suggested stop-loss strategy if the price breaks down below $31,000 on a daily close.

For those trading with leverage, an alternative strategy could involve entering a short position within the $36,600-$36,680 range. It's advised to set a stop-loss slightly above $36,810. This decision is supported by the observation of a bear flag on the hourly timeframe, indicating a potential downward move. Targets for this short position include $35,500 and $34,600 areas.

Disclaimer: This is not financial advice. Always do your research and consider your risk tolerance before making investment decisions.

Good luck with your trades!