BTC Bear Flag Forming on 1 & 4 Hour Chart - Target $17k to $12K

18 Jul 2022

Was trying to do a video of this to publish but am having issues with the TV recorder not uploading properly.

Hopefully the Mods are ok with me posting this link of my analysis: screencast.com/t/pljhP19GDbRC

Basically I'm seeing an obvious Bear Flag pattern which has been building the past few days and best seen on a 1 Hour / 4 Hour chart.

I'm expecting a push higher to the 24k area, and then a rejection there which will be followed with more selling pressure down to the lower support range, which ultimately breaks and heads lower to the 300 week Moving Average now around 17k where we should see some kind of relief rally and Bull Trap price action higher.

However, with all the terrible economic news and an increasingly likely full basis point rate hike later this month of 1%, we'll see the markets head markedly lower with Bitcoin heading down to test it's 400 week Moving Average for the 1st time in it's history.

I'm also thinking that we'll break below that and test the psychologically important 10k level, and a likely Market Maker induced price drop below that to either cause or as part of a final capitulation move to the last remaining unfilled CME gap around $9750 to really flush out all of the retail buyers, and even triggering more liquidations before we finally put in a bottom around here.

Let me know your thoughts, comments, and feedback below!

Trade smart. Not Often.

- Brett