BTC Formed a Bear Flag on The Weekly Chart
BTC/USD COINBASE:BTCUSD
It’s hard to know for sure, but to me this certainly looks like a bearish flag , with two valid touch points at the top and two at the bottom. We may get another set of higher highs and higher lows to complete the pattern, but within a few weeks we should see a 50% drop to around $18K. This drop is the equivalent of the length of the inverted flag pole. I’ll be watching the weekly RSI for signs of weakness. If this happens, the bottom is most likely just below the 200W SMA , which is ~$18K.
