Trading Fam,
Previously, you will note that my short-term bias had remained to the upside (81-82k specifically). While my mid-term bias remains bearish (targeting around 50k to the downside). As of close on Friday, Iāve grown more uncertain that the short-term bulls will even have the strength to retest my short-term target of 81-82k. The bear flag channel that I had drawn appears to have broken. But has it?
I may have been drawing this channel inaccurately. I am not sure. Though I am personally still long Bitcoin to my short-term target, my conviction is growing weaker by the day. If that recent pivot low given to us on Friday is broken and confirmed on the daily, I will probably be exiting my short-term long position in favor of my mid-term short target.
Since I will be traveling next week, I wanted to quickly post an update on where I am at and also pose a question to you, the reader. How would you draw this bear flag channel? Is the upper chart scenario most accurate? Or the lower?
Iād love to see what my followers are thinking. Let me know in the comments below.
āļøStew