🔥 Bitcoin's Bear Flag: Will It Hold?

1 במאי 2022

Recently I made an analysis on Bitcoin and the bear-flag it has been trading in for several months now. I argued that there was likely more downside and that we could see a potential reversal in the yellow marked area below.

As of yesterday, BTC is trading on the lower bound of the bull flag. All will depend on the stock markets next week whether this support will hold or not. Furthermore, we have a FOMC interest decision coming this Wednesday. The reaction to this decision will determine the trend for the coming weeks. Note that the last meeting led to the March rally.

Personally, I'm quite bearish and I'm expecting further downside to the blue pitchfork support line. This has in my view the highest potential to cause a rally to 50k and beyond, given that the stock market will allow is. See below for my Pitchfork analysis from a few months ago.