BTC/USD Bear Flag in Bearish ChannelAims at 5k

Chris Svorcik Elite CurrenSea

BTC/USD

Daily

Bitcoin is building a strong downtrend channel. Will the bearish momentum be able to drive price lower towards $5k or will there be a reversal breakout?

Bitcoin seems to be a key bounce or break spot – see the red and green arrows. A continuation lower could see price aim at the Fibonacci targets after bouncing at the 61.8% Fib. A bullish breakout could indicate a potential for price to retest a higher trend line.

4 hour

BTC/USD seems to be building a bear flag chart pattern because price action remains slow, corrective and choppy. A break above the 23.6% Fib could see price move towards the 38.2% Fib resistance, which is a key zone due to the top of the channel as well. A break above the channel could indicate a new uptrend or larger bullish retracement. A bearish breakout below the channel could see a downtrend continuation.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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