BTC- I PLEDGE ALLEGIANCE TO THE FLAG

6 июл. 2021 г.

BTCUSD

I am having hard time looking past the massive bear flag on the daily chart. If the whales and or institutions do not step in soon , bitcoin could see further downside. I was even generous and pretty conservative at one point highlighting the trading range. Now, if you extrapolate the trading range only, it proofs to the previous support of around 19500 and I know this seem like a bit of a stretch but if you include the entire flag /trading range and extrapolate it will coincide with the previous support of approximately 4600. Obviously a low such as that would not happen over night and isnt likely but IF THINGS GET BAD its possible.

I Would also like to point out the The fade in volume and the downward trend in the RSI. Its also worth mentioning that the short positions have had a slow but rising trend the past few days according to datamish. Whales and institutions are on the fence because they dont want to be caught off guard by some new regulation or bad news.