A potentially nice bear flag is setting up on the #BTC 4 hour chart.
Stoch RSI indicator is approaching overbought levels.
Using the length of the flagpole, we get a target of $8571...
... but I think the 50% fib retracement level of $8,868 from the recent bottom tot he recent high may well act as support as it previously held as resistance on two instances as the price rebounded from the bottom.
I want to see BTC -0.44% take a hard dip below these levels to establish whether the last bottom truly was the bottom, as at this stage I remain unconvinced and am still leaning toward the possibility of new lower low that will take us below $6k.
Update idea
Stoch RSI indicator is approaching overbought levels.
Using the length of the flagpole, we get a target of $8571...
... but I think the 50% fib retracement level of $8,868 from the recent bottom tot he recent high may well act as support as it previously held as resistance on two instances as the price rebounded from the bottom.
I want to see BTC -0.44% take a hard dip below these levels to establish whether the last bottom truly was the bottom, as at this stage I remain unconvinced and am still leaning toward the possibility of new lower low that will take us below $6k.
Update idea