The Calm Before The Storm!
In our previous Bitcoin analysis, we identified the bearish flag pattern currently playing out on the Daily timeframe and warned our readers of the potential for us to see a massive move to the downside in the coming days.
Well, since publishing that TA, we have seen the Bitcoin price play out exactly! We have seen BTC break lower as the bears continue to gather massive momentum for a massive move to the downside.
In this BTC analysis, we will be updating you on the current price action playing as well as what we think might be setting up next for the BTC price.
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BTC Next Mover Lower About to Begin!
The key pattern we are still tracking is the Bearish Flag Pattern and the image above is a typical example of what a completed Flag pattern looks like. This key pattern is very important because it is used by pro traders to spot exactly when a bearish trend is setting up to continue pushing lower.
For Bitcoin, that bearish trend could easily see us crashing back down towards the $75k price region or lower in the coming days.
So for now, we are still very bearish on the ETH price and will continue to remain bearish as far as this key Flag pattern continues to remain valid.
Final Verdict!
The Bitcoin bears are still in full control of this market and we can expect to see more sellers pilling into this market to exploit this weakness in Bitcoin in the coming days.
If this bearish prediction plays out exactly, there is a very high probability that we see a massive crash in the value of Bitcoin in the coming days.
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