Possible Bearish Flag Pattern is on Bitcoin Price Chart

Bitcoin price went down fast from 80K to 60K. After going down, Bitcoin price broke dow the bottom line of great ascending channel. Bitcoin price was in ascending channel since February. After breaking down the bottom line of ascending channel, Bitcoin price went down fast again and touched 59K.

Here you can see daily chart of Bitcoin price. After touching 59K, Bitcoin price is trying to reverse up. A bearish flag pattern appeared on Bitcoin price chart while Bitcoin price is trying to reverse up.

I drew possible bearish flag pattern on Bitcoin price chart as white. If we see daily red candle, we will enter another bearish pattern. You can see price target of possible bearish flag pattern.

Here you can see the indicators on daily chart of Bitcoin price. There is still downtrend line on RSI Indicator. We should see breaking up this downtrend line. If not, we may see another bearish wave on Bitcoin price chart. There was downtrend line on Fisher Indicator and It is broken up. MACD Indicator is trying to reverse up. We may see reverse up if we see daily green candles on Bitcoin price chart.

The worst scenario is close. We may see bearish flag pattern if we see daily red candles on Bitcoin price chart.

We should be careful about this scenario.

We will see..

Posted Using INLEO