Bitcoin is currently forming a possible bear flag on the 4hr chart. In order to invalidate this formation, the bulls would have to push the price back up with higher volume, but looking at the daily Stoch-RSI, it appears that buyers may be out of steam for the next few days, which would project further downwards price movement. Current levels to watch are the $3,700 and $3,500 region, with the $3,700 being an important short term target. Depending on how strong the bounce around this area is, we could either see consolidation for the bears, or a possible trend change for the bulls.
Short Term Statistics (Few Days):
- Price Moves to $3,700 (40% Chance)
- Price Moves to $3,500 (40% Chance)
- Price Moves Elsewhere (20% Chance)
Levels to watch:
- $3,700 (Target of the Rising Wedge)
- $3,700 (Area of 0.618 Fib Retracement)
- $3,500 (Strong Support/Resistance)
Notes:
- Daily and Weekly timeframes show potentially bearish scenarios, which in turn could result in downwards price action on lower timeframes.
Short Term Statistics (Few Days):
- Price Moves to $3,700 (40% Chance)
- Price Moves to $3,500 (40% Chance)
- Price Moves Elsewhere (20% Chance)
Levels to watch:
- $3,700 (Target of the Rising Wedge)
- $3,700 (Area of 0.618 Fib Retracement)
- $3,500 (Strong Support/Resistance)
Notes:
- Daily and Weekly timeframes show potentially bearish scenarios, which in turn could result in downwards price action on lower timeframes.