Technical analysis by HenrikDaCrypto about Symbol BTC: Sell recommendation (8/8/2024)

Bitcoin is currently trading inside a Bear Flag and has just retested the very important resistance level at 58.5k. If Bitcoin doesn’t close a 4h candle above this level in the next 24 hours and doesn’t break above the upper resistance of the Bear Flag, we could see a continuation of the downwards trend potentially forming a double bottom at 49k or retesting the very strong support level of 42k. If Bitcoin manages to break above the upper line of the Bear Flag, we could see a rapid recovery towards another retest of the 70k level. I think the chance that Bitcoin might see another drop is slightly higher, because the Yen carry trade is not fully unwinded yet and the market might need to cool down a bit more.70k RESISTANCE RETEST CHANCE: 40%49k DOUBLE BOTTOM CHANCE: 45%42k SUPPORT RETEST CHANCE: 15%Bitcoin broke above the upper resistance of the Bear Flag, bullish Target of 70k ahead