Medium term downside?
Actualizado
If what I have drawn on the chart can be considered a true bear flag then, in the medium term, we could be in for some significant downside.
This is rule number 8 on pennants from stock-charts....
"Targets: The length of the flagpole can be applied to the resistance break or support break of the flag/pennant to estimate the advance or decline."
So, IF this is indeed a true blue bear flag then a good estimation/target for the length of the coming downtrend would be roughly the size of the original pole. The original pole was roughly 5.2k USD and so we could expect a breakdown to be a similar length. This would give us a target somewhere around 4k USD region.
As of right now I am simply WATCHING this formation and waiting to see how she plays out...a break below 7kusd could mean this is a true target and to begin to prepare yourself for such a move....anyways, this will be my last chart for today (i have been spamming them as i finally got some time to sit down and do some research) I hope you all have a wonderful day/night and good luck out there.
Red Boar
This is rule number 8 on pennants from stock-charts....
"Targets: The length of the flagpole can be applied to the resistance break or support break of the flag/pennant to estimate the advance or decline."
So, IF this is indeed a true blue bear flag then a good estimation/target for the length of the coming downtrend would be roughly the size of the original pole. The original pole was roughly 5.2k USD and so we could expect a breakdown to be a similar length. This would give us a target somewhere around 4k USD region.
As of right now I am simply WATCHING this formation and waiting to see how she plays out...a break below 7kusd could mean this is a true target and to begin to prepare yourself for such a move....anyways, this will be my last chart for today (i have been spamming them as i finally got some time to sit down and do some research) I hope you all have a wonderful day/night and good luck out there.
Red Boar
Nota
This is what is currently holding us up, we are being squeezed between the 50 and the 100 MA
Nota
Still on target! WOW...lets goooo
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