VWuelfrath

Insane day. Bears have won.

BITFINEX:BTCUSD   Bitcoin / Dollar
The bear flag has broken. I watched from the sidelines all day to try to learn. This was incredibly entertaining.

The bears have done an incredible job selling a TON of coins at the top of the channel (the bottom of the previous downward channel ).

So now we have a scenario where the bears have made abour 30% return from the bear flag and they sold a lot of coins to new people who will feel the pressure of seeling going downward.

Technicaly speaking, the target of a bear flag is equal to the downward movement prior to the bear flag . This leads us to 4400$, which is also the 0.786 Fib level from the 200$-->20000$ bull run

Really insane to watch it all unfold.

Please trade carefully and don't try to catch a falling knife.
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