BTC looks like it's trading on a bear flag that is about to break down with target of about 1100. Possible further drop to test 10.5k area.
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Done. Target reached.
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I'm not sure we're out of the wood yet. This bounce doesn't look convincing and we might form another bear flag here that would send us down to 10500-10600 area.
It's logical move though, no way we're going to the huge bull run with testing huge previous resistance only for 10 minutes on that flash crash from first time we reached 12k. Retesting 10.5k level was always on cards, it was only the question if it would happen now or when we reach 14-16k level.
I still believe we're in bull market, but we should always keep the possibility that whole this rally from 9k was sucker one ans that we might go down to 6-7 thousands again. Too many bulls around, the easiest path to cause maximum pain is to screw bulls.
It's logical move though, no way we're going to the huge bull run with testing huge previous resistance only for 10 minutes on that flash crash from first time we reached 12k. Retesting 10.5k level was always on cards, it was only the question if it would happen now or when we reach 14-16k level.
I still believe we're in bull market, but we should always keep the possibility that whole this rally from 9k was sucker one ans that we might go down to 6-7 thousands again. Too many bulls around, the easiest path to cause maximum pain is to screw bulls.