Let's take a look at the technical picture for BTC amid the news of the Binance hack.
The price did indeed form a 'Bearish Flag' and has started to play it out, as we wrote about earlier today. Now we can talk about the targets:
- interim — around $76,395,
- full — $74,146.
And as you can see in the screenshot, the price has so far run into a liquidity zone. On the 3-hour timeframe, that's $77,917–$78,534.
The price is NOT obligated to fully play out the flag. What's more, as long as the liquidity zone holds as support, it's entirely possible that this is as far as the move goes. That would be frustrating, because the speculative short was only a few hundred dollars away from breakeven.
But the trend on the 3-hour chart is now down again, and the choppy price action of the past few days is continuing, driven by the most dramatic of catalysts. For now, the price has come to retest the breakout from the flag. And we'll say it again: it's very interesting and important to see how the 18-hour candle closes, and whether it signals a break in the downtrend. If it does, the chances that this isn't the end of the correction will increase.
The price did indeed form a 'Bearish Flag' and has started to play it out, as we wrote about earlier today. Now we can talk about the targets:
- interim — around $76,395,
- full — $74,146.
And as you can see in the screenshot, the price has so far run into a liquidity zone. On the 3-hour timeframe, that's $77,917–$78,534.
The price is NOT obligated to fully play out the flag. What's more, as long as the liquidity zone holds as support, it's entirely possible that this is as far as the move goes. That would be frustrating, because the speculative short was only a few hundred dollars away from breakeven.
But the trend on the 3-hour chart is now down again, and the choppy price action of the past few days is continuing, driven by the most dramatic of catalysts. For now, the price has come to retest the breakout from the flag. And we'll say it again: it's very interesting and important to see how the 18-hour candle closes, and whether it signals a break in the downtrend. If it does, the chances that this isn't the end of the correction will increase.
