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Analysis of the Bitcoin rate: the bear flag

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How the price of Bitcoin can lead itself in the future, as well as a little about Ethereum, will be shared by Cryptorg.net service CEO and regular BlockchainJournal Andrey Podolyan.

As expected, the past week ended with a flat. The range of fluctuations is so narrowed that the candlestick is almost invisible in the weekly time frame.

The crowd in the mass resigned to the fact that the price is clamped in a narrow range and now in order to get out of it, there should be some serious news that will affect the further course of events.

BTC / USD weekly time frame

During the week, some analysts wrote that the price had broken the long-term downtrend, but I think that this is not the case yet and we are still under the trend in the triangle.

BTC / USD daily time frame

On the 4-hour chart, the situation is similar to August-September, when the price of a fortnight grew smoothly and then sharply collapsed, forming a bearish flag. Perhaps now something similar is being formed, but with a smaller amplitude and slope.

4-hour timeframe, possibly forming a bear flag

In any case, I think that if we break a downtrend, then before that we should lay a loop down to scare away the remaining bulls.

Ethereum

According to Ethereum, the situation is similar; a month has already been going flat. Ethereum will not go up until the main coin goes up. Due to the weakness of Ethereum, many altos to him have grown strongly. Now we need to look at these pairs especially carefully, because when Ethereum is reversing, they immediately begin to sink strongly in price.

ETH / USD weekly time frame

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