BTCUSD
has broken the downward channel on the bear flag and is in freefall with some expected bumps along the way.
BTCUSD
did catch support at the 38.2 Fib retracement line, which lead to the a short-term bear flag. Since then
BTCUSD
has entered into a freefall to re-test the support at the 38.2 Fib retracement line again and is about to complete a head and shoulders pattern. If the bulls fail, expect the 28.6 Fib line to be tested at $7700 - $7500. Don't try to catch a falling knife! The market is trending towards a double bottom . Looking for a double bottom at a target of 6400.