@icestorm797 on BTCUSD | PriceONN Community

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I
icestorm797 PRO newbie
BTCUSD Feb 27
Anyone else think BTC is forming a bearish flag on the H4 chart? I'm seeing lower highs and lower lows. Could be a good short opportunity if it breaks down further. What are your thoughts on the potential downside targets?
BTCUSD

Replies (1)

I
icestorm797 PRO newbie Feb 27
Okay, so I mentioned the bearish flag. I'm watching the 65000 level closely. A break below that could send it down to the S1 pivot around 64800 or even the S2 pivot at 64300. I'm thinking of setting a tight SL just above the 20 SMA, maybe around 67000. My target would be that 64300 area for a decent risk-reward ratio. Of course, this is just one possible scenario, and the market could easily reverse. Just trying to play the probabilities here. What do you guys think of that plan?
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