Bitcoin and the entire crypto market might just be in for a serious dump. As we all know, the month of September has always been a red 🔴 month for bitcoin for the most part of its 12yr history. In my honest opinion, I think this time might not be different. Although, there's been over 9 charts that shows that the bottom is in but this one chart scares me a lot and I'll just love to show you.
Bear 🐻 flag on the weekly😩
Normally for bear flags, we have candles closing on both parallel lines like an uptrend touching both top and bottom of the lines. As a trader you shouldn't trade when prices are in the channel 😎. You WAIT FOR A BREAKOUT AND A CONFIRMATION CANDLE before making a move. As we can see on the weekly, bitcoin broke the trend line and we're printing a confirmation candle.
Now what do we have here? Sometimes bear flags don't play out if and only if the confirmation candle closes inside the channel. For that to happen for this chart, bitcoin has to close the weekly candle at around $21,800
And also print subsequent candles like this
But unfortunately for us, there wasn't any rally to $21k and the weekly candle closed few hours ago 12:00am UTC😩😩. I believe it'll take a miracle to turn this tide from here cus the chances are slim. Potential price targets is simple. Measure the pole from the previous dump from $29k, place it on the breakout, boom you get the potential price which looks pretty crazy😆😆. Below $13.7k. I could be wrong tho and I really hope I'm wrong this time😩. If Bitcoin chooses to print a double bottom and form a good base instead of collapsing to around $10k, the next bull run will be parabolic 😎
Please before you Yolo your cash, there's a misconception I need to clear, I'm not a financial advisor, nor do I wanna be one. Everything I post here are for educational purposes only. Thank you ✌ 😎
I'll catch you on the next one