Bearish flag on the 4-hour chart, from Bittrex.
The crypto market are going low , so far the third lows recorded since 2018 .
In my opinion the near feature doesn’t look very bright, especially for Bitcoin and BCH (Bitcoin Cash) which supporters just keep jive on twitter. I am not sure who is right and who is wrong but I suppose some people made outstanding profits in USD on the BCH rally last year. However, in 2018 the cryptocurrencies are moving mostly in one direction.
Photo credit:Bittrex H4 charts.
Unlike other traders, I simply don’t see buying power right now that will push Bitcoin further high after this big drop on Monday, which now looks like a bearish flag patter. If you just compare that big red candle with the following green ones, that tells you all. The bulls look frightened and I don’t see them fighting the bears anytime soon.
As I mentioned in my previous analysis the long term view remains bearish, any drop below 6800 would signal more selling orders are coming. I would short Bitcoin with stops at 7200, targeting 6000 level.
In early February we already witnessed Bitcoin dropped to that level and sooner or latter I would expect to happen it again. Bitcoin might be even lower than $4500 before May 2018.
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