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The bear flag confirms a breakdown; the key support has been lost. This rally is mainly driven by short covering and trading maneuvering—stay bearish.
The bear flag I pointed out earlier today has now broken down, and price has found acceptance below it.
With this move, we also broke below an important support zone.
Because we lost this support, it’s highly likely that the 61k low gets swept next.
While it’s not impossible that we see bullish momentum return after the sweep, I currently expect a continuation to the downside.
This entire rally looked fragile from the start and was driven primarily by short covering and market manipulation.