Bitcoin traded near $3,536 at the close of this week after reversing to the downside from $4,100 last week. The 50 day SMA was broken to the upside briefly on Friday and Bitcoin surged up to $3,774. Unfortunately it was a false breakout and was not a sustained price movement and Bitcoin closed below the 50 day SMA.
Bitcoin now continues to trade in a bear flag pattern and is nearing the bottom of the pattern. Expect a break in the bear flag to the downside with a target of near $3,000. However we have to keep in mind the 200 weekly SMA at about $3,300 and that could act as support.