Bitcoin Bearish Flag: How lethal is that for Bulls?

Bitcoin is ranging between $52,000 and $46,000 since December 5. The sideways movement has turned into Bitcoin Bearish Flag on the 4-hour chart.

Bitcoin price today is $47,680.10 USD with a 24-hour trading volume of $30,334,799,000 USD. Bitcoin is up 0.66% in the last 24 hours, with a market cap of $901,228,988,510 USD. It has a circulating supply of 18,901,575 BTC coins.

Bitcoin Bearish Flag
Source: Tradingview

Bitcoin Bearish Flag: Analysis

From $57,000 of December 3 to today $48,000, Bitcoin has slumped more than 16% and the flag pattern shows a decline of more than 18% considering the bottom at $46,000 just above fib 0.786. If Bitcoin breaks below and follows the bearish flag pattern we might see a major price dump dragging Bitcoin to fib 1.272 near $37000, a price level of August 5. Bitcoin currently ranges below the EMA 20 meaning a strong bearish trend. The immediate support here is at fib 0.786 at $45600 and the local resistance is the previous high of $50,000 at fib 0.5.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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