BTC - Bear Flag forming, 73k price projection
2024-12-31
Category: None

** Reposting because annotations weren't posted in the previous analysis**

After hitting all time highs, BTC is forming a bear flag.

If bear flag plays out and price breaks through 91,400 level then on the basis of the measured move of the flag pole, BTC is likely to test 73,000 which is a significant support zone on Daily timeframe. This is because before BTC pierced 73,000, this was a strong resistance zone. Also, since price broke out 73,000, it hasn't retraced back to this level.

Furthermore, there is a fib retracement level of 38.2% at 71,500 so expect 73,000 - 71,500 to be strong support zone.

Remember technicals are all probabilities, price could break 99,000 level (upper trendline of the bear flag channel) to test all time highs.
