BTCUSD Hinting Another Bear Flagpole

The short-term gains can never compensate for the long-term losses.

So it seems from the latest Bitcoin price action which, during the weekend, jumped more than 7.5% and promised an extended breakout, but fell short of delivering it. This Monday started with minor pullbacks from the early 6550-fiat level during the Asian trading session. However, the growing selling sentiment around the psychological resistance area eventually erased the gains, bringing us back towards 6012-6138 area.

BTCUSD Technical Analysis

Technically, we are looking at BTC/USD forming a flagpole in pursuance of a breakout. It is the part of an overall bearish pennant pattern we have noticed since the pair established the previous peak at 8512-fiat. The almost-symmetrical triangle in orange provides a view of expected hop-on-hop-off levels for day traders, should the price consolidate sideways. But as the volume depletes, and a bias conflict is established, an extended bearish momentum would ensue.

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