Bitcoin (BTC) bulls failed to assume control even though market conditions were in their favor. This led to the bears getting confident enough to turn the tables on them. The major bull flag seen on the daily chart for BTC/USD seems to have turned into a small bear flag just around the bottom of the symmetrical triangle. This bear flag has now introduced a new setup that has once again increased the probability of a break to the downside. Even though the possibility of a bullish breakout is still a lot higher than that of a bearish breakout but now the difference in probabilities has been significantly bridged. The price of Bitcoin (BTC) is still trading within the major bull flag and has not invalidated it yet but the longer we stay close to the bottom of the symmetrical triangle, the more we risk a break to the downside.
It is surprising to see that the bulls are still reluctant to step up when circumstances to push for a bullish breakout have never been better. At this point,…
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