Recently I made a BTC analysis where I stated that I think that BTC is trading in a bear-flag pattern. Bear-flags are bearish continuation patterns, so my overall bias is bearish until proven otherwise.

In the analysis above I talked about my potential reversal area. This area (yellow) had the highest potential for causing a reversal to take place.

As of now, we’re seeing a bounce from the blue support line. This support has held before, but is in my eyes weaker than the purple ones below.

For the current bounce to be confirmed I’d like to see BTC trading >41.7k, which is higher than the most recent local top. As long as that area is not captured, I’m anticipating more bearish price action in the coming hours.

Happy trading!