Bitcoin Flag completed. 📉

Buyer fails to push bitcoin price up for the 3rd times

I can’t sleep, therefore I write this.

Hello fellow investors,

Unlike any conventional market such as Stocks, Futures, commodities & forex that open 5 days a week, Bitcoin is another beast that never sleeps. so do my newsletters. I try to keep you, my beloved subscriber, up to date with the market's next big moves.

What I’m posting today might not making makes crypto investors happy. Many people think that Bitcoin and other altcoins are at the bottom and they start to accumulate. I’m not saying it’s wrong to buy crypto now especially if you are a long-term investor. But I humbly believe we can see Bitcoin price drop further and you will get a better bargain soon.

In today’s newsletter, I will cover the following.

1. Bear flag Wedges

2. Wave analysis: complex w-x-y structure with wave “y” target in line with the next support

3. Bitcoin Next Support.

Let’s start;

---

1. Bitcoin Bear Flag Wedge:

In the chart above, the past few day’s moves (yellow circle) have been very weak.

Bitcoin first found support on 19 June 2022 at a $19,500 level. The buyer makes an attempt to push the price up at candle 1, which is a good bullish engulfing candle.

However, every time the buyer attempts to push the price up, it fails at L1, L2 & L3. This to me is a bearish wedge pattern.

If Bitcoin breaks the lower channel, my immediate target will be the measured move of the channel, which will bring the price to $16.6K

2. Bitcoin Complex “w-x-y” wave structure on the weekly chart.

Investor! the next move will be Massive! only if you understand wave structure.

looking at the weekly chart below, Bitcoin forms a classical rectangle structure since 2021.