This is a long term outlook from the 1 week time frame.
BYBIT:BTCUSD is in a bull flag that is completing itself until it breaks out, which will test the ATH. That said, I outlined a vertical red dotted support line that has been touched. If bitcoin starts to use that line as support instead of its current diagonal line bitcoin will have gone into a descending triangle pattern, which, as Bukowski shows in his Encyclopedia of Charts 2nd Edition breaks down to the down side more often than not, making it a bearish pattern.
As of now though, we are in a bull flag, and I am long term bullish.
BYBIT:BTCUSD is in a bull flag that is completing itself until it breaks out, which will test the ATH. That said, I outlined a vertical red dotted support line that has been touched. If bitcoin starts to use that line as support instead of its current diagonal line bitcoin will have gone into a descending triangle pattern, which, as Bukowski shows in his Encyclopedia of Charts 2nd Edition breaks down to the down side more often than not, making it a bearish pattern.
As of now though, we are in a bull flag, and I am long term bullish.
Comment:
*Bulkowski