Bitcoin - Bear flag, January is an extremely bearish month!
- Sell before Christmas because this is the time when Bitcoin falls like a rock pretty much every time! January is also a deep freeze for Bitcoin.
- At this point, this overlapy uptrend from 15450 to 18400 looks like an ABC correction to me. It shows all the signs of a correction.
- Altough I believe there will be a lot of buyers at the 0.618 FIB retracement because this uptrend can be considered a strong trend by some traders. I am buying here for short-term gains.
- The 0.618 FIB is a strong support because it coincides with the POC on the volume profile, the previous breakout level, and the beginning of the GAP.
- I give you the most professional outlook on bitcoin, so hit the like right now! Thank you.
- We can clearly see that Bitcoin is moving in an ascending parallel channel, or you can call it a bear flag as well. This is a big problem; you probably don't want to see this pattern at the start of something big.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- After we break this bear flag, Bitcoin can continue to drop to new lows and potentially hit 10k next year. I hope it happens very quickly, so we can start a new bull market as soon as possible. Of course, I don't want Bitcoin to be stuck in some range for another six months and then slowly bleed down.
- At this point, I cannot be bullish because of the DXY index, and if I take a look at altcoins, it looks even worse.
- Thanks for your attention!
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