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Bitcoin Dropping - Bear Flag Pattern Breached

BY: @futuristgear | CREATED: Dec. 30, 2017, 3:32 p.m. | VOTES: 9 | PAYOUT: $2.81 | [ VOTE ]

Bitcoin's Bear Flag Pattern Breached

The bear flag pattern in the BTC/USD pairing which @toofasteddie posted about here has now been breached, as we can see from the chart below:

[IMAGE: https://res.cloudinary.com/hpiynhbhq/image/upload/v1514647182/cmbl58yfbclmvbx13rwe.png]

We fell out of the pattern at around $13,800 and have seen prices fall further since that happened.

We are now also testing the 0.5 Fibonacci level once again too. If it fails I am guessing we will see further downwards movement.

You can also see that the current downtrend line is still in play too.

When Will It End?

I have no idea! I still think $10,000 could be the key figure.

You should also check out this post by @ew-and-patterns for another theory on where the drop might stop.

Thanks for viewing!

> Not intended as investment, financial or trading advice.

> For more great technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @haejin, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads and @tombort

TAGS: [ #bitcoin ] [ #crypto ] [ #cryptocurrency ] [ #money ] [ #busy ]

Replies

@uciha | Dec. 30, 2017, 3:36 p.m. | Votes: 3 | [ VOTE ]

Your writing is very interesting.
But I want to ask you, what do you think about the development of 2018 bitcoin price in the future?
I just want to survey some people

@futuristgear | Dec. 30, 2017, 4:01 p.m. | Votes: 1 | [ VOTE ]

Thank you @uciha!

I think it will definitely go up again once the correction is over, although I think they really need to do something about the high fees and slow transactions.

I wouldn't like to guess a price, but I could see $20,000 being reached again at some point next year for sure.

@axsteem | Dec. 30, 2017, 3:37 p.m. | Votes: 3 | [ VOTE ]

unfortunately at the end of the year btc began to decline, may 2018 be a happy year.
happy new year 2018 @futuristgeat

@futuristgear | Dec. 30, 2017, 4:01 p.m. | Votes: 1 | [ VOTE ]

Happy new year to you too @axsteem!

@itwithsm | Dec. 30, 2017, 3:49 p.m. | Votes: 1 | [ VOTE ]

yap you are right... I would test 10,000 figure... As January is approaching... Bitcoin drops in January every year... lets see if it stays calm in January after that It will be going up again.. What will be its effect on Steem Dollar if Bitcoin goes down??

@futuristgear | Dec. 30, 2017, 4:03 p.m. | Votes: 2 | [ VOTE ]

Yeah, that's probably what will happen!

Umm, I think SBD is currently tied to BTC somehow, so if BTC drops then SBD will probably fall too. It's currently showing $6.95 USD (-18.70%) on coinmarketcap.com, so that seems to be the case.

@itwithsm | Dec. 30, 2017, 8:09 p.m. | Votes: 1 | [ VOTE ]

yeah u are right... Thanx for sharing...

@tombort | Dec. 31, 2017, 12:48 a.m. | Votes: 1 | [ VOTE ]

I think that your target is correct. In analysis #23 I come to the same conclusions!

Happy new year 2018 (d-1 day)!!

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