<b>Summary:</b>

Bitcoin price has just broken the bear flag and made lower low for the first time after a full day range bound yesterday. I was expecting a higher highs to 10k level before we head down so that the Bear flag comes perfectly of 50% fib. This breakout could be a trap too, we need to see if the trend line support zone at 8400 level holds or not before we decide on the 6k level target zones.

I would consider the downtrend  is confirmed if we breakdown the 8400ish support zone. Volume hasn't been coming in and MACD is almost crossing towards the downside on 4hr chart.

![](https://steemitimages.com/DQmYExVwyKGgQ5UaqAu1Zt6XLUuL9RDEEtjnfvsoPEo4Ddm/image.png)

Targets for the bear flag if support doesn't hold are 6600ish level ( Conservative target) and 5300ish level ( Aggressive target).

![](https://steemitimages.com/DQmYLpDtZ4LcBGb6tNXZhNhGKxDiDy57EVpgrZJpNx2R8aJ/image.png)


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Disclaimer:

I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.

![steemURF1.gif](https://steemitimages.com/DQmduMY9VUzzWegeeo5VXPKpMHuLQiajMrB2uyV8TMZ4kAs/steemURF1.gif)