fluffystat

It looks like a pretty orderly flag pattern; watch closley

It appears BTC has broken to the upside of the wedge and is currently trending up on the 1hr chart (green trend line). I would target the channel in light green as a place to take profit on longs, then reassess the situation.

BTC price is settling into wedge, with swing high at upper 1900s and swing low at lower 1800s. I'm unsure if the direction of the breakout will be up or down, but price is moving within a smaller and smaller range; could indicate either exhaustion of sellers or exhaustion of buyers. Watching the chart for the next couple hours.

We are currently bopping about the 2017 all time (at the time) high of $19,783 (Dec 17th, 2017) and 2020 early Dec high of $19,982 (Dec 1st, 2020). We retested the lower 2000s yesterday; it seems as though this is flipping to new resistance, and price might keep cascading down as it has been doing since the mid-August 2022 local high of $25,135. A not-bad strategy could be holding a short position though what appears to have been a wiggly bear flag (18 June-15 August 2022), though if we somehow significantly flip directions I'll keep a close watch. With this strategy it's super important to only risk a small amount of capital. Usually, the longer you plan to hold a trade open the more conservative you should be in how much you put in (also being conscious of swap fees). There doesn't appear to be strong support historically until the June 2019 high of $13,796, so if the large summer bear flag is actually broken, it will be interesting to see if price freefalls down a bit. It will also be good to keep in mind "psychological" support and resistance levels (though ultimately, all support and resistance is psychological)- even numbers (like $20,000, 19,000), halfway points (like 25,000, 18,500, 15,000), perhaps even meme-y stuff (like 42,069) but please don't count these as reliable- definitely consider in conjunction with other TA.

This smaller rounded top on 1 hour timeframe is reflected in a larger rounded top on daily timeframe . These tops should be bearish formations 🐻.Overall I'm looking for a medium sized drop on the hourly timeframe to retest the 19600 area and a large drop on the daily timeframe to retest the lower 19k/upper 18k area.

Wondering if I'm correct to see this as a bearish head and shoulders pattern (more easy to see on lower time frame). The right shoulder is lower than the left. Will find out if I'm right in an hour or so. Testing out a short here.I was very wrong lol

Yesterday I opened a short on BTC at 19950. Right now it looks like we are waterfalling down from the giant bear flag that was last month. I've placed a stop loss around 22k, and planning to hold until the upper 18k area; then I'll reassess the situation and see if I should take profit or potentially add to the short. This idea is more of a swing trade for a couple days; it's not meant as a short term trade, and I'd recommend having a wide stop loss and smaller position size. Because of Powell's speech Friday the general sentiment is bearish; stocks have dropped significantly over the weekend as well.

I am a beginner trader using a demo account so please take this with a huge grain of salt, and feel free to offer corrections. ***I am a beginner and this is my first post***I'm predicting continuation of this local downward trend, then some kind of action nearing the area around 21700-21600ish (as this is a previous point of resistance for the first two waves in the channel). The downward trend should continue into the weekend. I think it's safe to take various short positions until we near closer and closer to that previous resistance area (indicated with a horizontal green line). We seem to have already broken the mid-line of the channel. Long term (into September, rest of fall) I'm thinking that BTC will turn back to a bearish market. I'll look at making a writeup on a longer time frame for this. Until the channel is broken in the downward direction, I'll assume that overall we are in an uptrend, and plan for trades strictly within the channel.Seem to be in a correction upwards, but I'm holding my overall short nowOk nevermind disregard the long*short- it's time to long I guessLol I was pretty correct on the long-term thoughWaiting to see if it breaks support in downward direction