BTCUSDT – BEAR FLAG BREAKING TO THE DOWNSIDE?
BTC/USD COINBASE:BTCUSD
We have published this idea back in early March.
BTCUSDT bearish flag is possibly breaking down and playing out as expected. Would expect a retrace to ~$38K before it continues its downward movement. Major support around $30K.
FED move to reduce balance sheet (QT – taking liquidity out of the market) will keep pressure on the risk assets. Cryptos are moving in sync with tech sector/Nasdaq. Expect more downside in cryptos & overall market until QT ends.
* Not financial advice; Do your own DD.
Thank you for your time.
