In my most recent BTC analysis I talked about Bitcoin’s bear-flag pattern. In said analysis I shared my thoughts about my expected price action. My previous idea remains the same; we’re going to see more bearish price action before we have any chance on a meaningful reversal.

With stocks selling off significantly last week, BTC failed to produce a meaningful rally towards the top of the bear-flag . On the contrary, BTC has fallen through the first support and is now making it’s way towards the yellow marked ideal support area .

My ideal support area is the area between the lower support of the bear-flag and the support which has connected the summer-21 lows with the January fear-bottom. Be aware that if the stock-markets will continue to sell-off we might even fall towards $30k or so. The upcoming FED interest decision will be a make-it or break-it for BTC .

Happy trading!