Bitcoin continues Bi Polar run 🐂 🐻

During its Bear Market rally Bitcoin has formed a Bear flag with a wising wedge inside. Ultimately both broke down, although we have not seen the break down for the flag many wanted.

Now BTC is forming a Bearish Pennant under the bear flag.

The big difference between Pennants and triangles are the fact that pennants happen after big spikes up/down.

With a breakdown of the lower support price action targets would be the low 19's.

20.7k which is the previous pivot low seems to be a level of high interest to protect.

On the higher time frames BTC is overall more Bearish as well:

🔴 Weekly close below the 200MA/210MA
🔴 Closed as Bearish Engulfing
🔴 Opening candle is outside of the flag
🔴 DXY closed weekly at 20 year high

Slightly above average volume shows the higher time frame move was supported but not overwhelmingly.

Overall I am Bearish but I am not married to being a perma bear.

Kommentera:

The pennant has formed more into a flag. BTC remains Bearish and nothing has changed in the small picture/lower time frames.

We are approaching a bit more resistance w/ the new flag and being under the bigger picture flag. The last few times BTC has had similar structure its consistently broken down. I remain sidelined as far as BTC is concerned as there is no clear path up/down at the moment.