🚨... $BTC /USDT Looking Shaky: Bear Flag Still Intact ‼️
Bitcoin is currently showing signs of weakness on the Daily Timeframe. While we recently saw an attempted breakout above the Bear Flag pattern—fueled by news that the Strait of Hormuz had reopened—the move appears to have been a "fakeout."
🔍 Technical Analysis
The daily candle failed to close above the resistance line, leaving behind a long wick. This indicates that the breakout lacked momentum and the Bear Flag remains intact 📉. This shift in sentiment follows reports that Iran may close the Strait again due to the ongoing naval blockade.
📉 Key Levels to Watch
Things aren't looking great for the bulls right now. Here is the breakdown of the immediate price action:
Minor Support: $74,000. This is likely the final barrier preventing a deeper drop.
Downside Target: If $74k fails to hold, expect a sharp correction toward the flag’s base support between $68,000 and $70,000.
💡 My Trading Plan
I am staying patient and waiting for a confirmed breakout on either side:
Bullish Scenario: I will look for a clean daily close above resistance to signal that bulls have regained control before entering a long position.
Bearish Scenario: If we lose the $74,000 level, I’ll be preparing for a move down toward the $68k–$70k range.
Be careful with your long trades! Always use proper risk management....
Gainer $HIGH $ALICE #TRUMP #iran #CryptoLifeMNE #TechnicalAnalysis