BTC Flag Pattern Played Out Exactly!
For the past few weeks now, we have been tracking the BTC bearish flag pattern that was in play on the Daily timeframe and warning our readers of the flash crash that was setting up to happen in the coming days.
Well, that bearish prediction played out exactly. Over the weekend we saw the BTC price crash down to below the $75k price region, completing our bearish flag pattern, and smashing our bearish price targets.
In this BTC analysis, we will be talking about what we expect to see happen next as well as the most important key support zone the BTC price is currently testing on the Daily timeframe.
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BTC Testing this $70k Major Support Zone. What Now?
The most important price level for the BTC bulls right now is the $70k key support zone on the Daily timeframe. This price level is a major Bitcoin buying zone that has been respected over and over again in the past.
If the Bitcoin bulls want to stop this BTC downtrend, then this $70k zone is the perfect place to lunch that renewed buying pressure back into the market. This makes this $70k price region very important and a game changer for the Bitcoin bulls.
However, a failure to defend this $70k support zone by the BTC bulls could lead to a massive sell-off. So for now, we are watching this $70k key support zone closely to see how the price reacts to it.
Final Verdict!
The Bitcoin bears are still in charge of this market. However, we are right now testing a major support zone on the Daily timeframe.
If the Bitcoin bulls want the sell-off to stop, this $70k key support zone must be defended at all cost. A failure to do this could lead to a massive sell-off instead.
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