BTC jut took a tumble back down after breaking down from a smaller bear flag that is inside an even bigger bear flag. The projected price target of the first bear flag will likely have it breaking down under the second larger bear flag. It is also now under the previous support lines of the 200 sma and the descending green channels top trend line. If it dips below the dotted white line and closes a 4 hour candle below it at around 8580 then it will likely break below the bigger flag triggering a much larger drop. If so I'm going short.
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There's a small chance that the breakdown from the smaller bear flag could be a false breakout if the current 4 hour candle rises back into the flag before it closes...higher probability of a real breakout but both options are currently in play.
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I triggered my stop loss at 8500 it ahs broken below the bear flag and continuing to plunge. if it closes below the bear flag you can anticipate a much deeper fall I'm thinking down to the 7000s and possibly all the way to the 6000s
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If it tries to fall to the 6000s I think the ascending grey trendline will boucne it back up so if that's the case we should see a significant rebound if it hits the grey trendline somewhere around 6800