[Chart] Worst Case Bear Flag Extrapolation & BTFD Scenario (29.02)

Note: I'm not necessarily publishing this as I think this will happen, see my recent bullish TA in other threads, but confirming the bear flag by breaking down to critical support levels would suggest the following extrapolated target (red bars) none the less. This is therefore a neutral call, based on the fact that we may go up from here, or from lower levels, but either way I believe it's time to btfd before the bullish rally continues (green bars). Bear flag requires a break of the channel in order to confirm.

Worst Case Bear Flag Extrapolation & BTFD Scenario

Source: TradingView, March 10th 2020.

Bear flag on 4hr time-frame, vs bullish support on longer-term time-frames. This extrapolation would be a breakdown of the bear flag targeting around $7.4K and again testing the previous maro bull flag resistance turned support trend-line, before continuing the bullish rally to $11.5K. The 4hr RSI ~~remains oversold~~* is in bearish territory while struggling to leave these conditions, indicating room to fall lower.

Long-term time-frames say DYOR and BTFD.

Correction: the 4hr RSI is in bearish territory (as of publishing) and currently testing the neutral zone at 40. Same principle applies, plenty of room to move down if selling pressure continues.

Quote from: exstasie on February 29, 2020, 01:01:26 AM

Quote from: tokeweed on February 28, 2020, 01:42:44 PM

Uuuhh... Looks like it's gonna turn from dip buying to bounce selling. Lower highs for the time being for now folks... I think. -_-

Everyone is getting so bearish!

Quote from: dragonvslinux on January 21, 2020, 11:26:19 PM

Part 1: Volume Profile Accumulation Zone $5,910 - $8,630 (VPVR)

Quote from: dragonvslinux on January 27, 2020, 01:00:20 PM

Part 2: Volume Point of Control $8,188 Now Turned Support (VPVR)