Bitcoin and the Land of Wedges - Bull vs. Bears

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys, here's what I see looking at the 4 hour Bitcoin chart. After completing a double top on March 5th, we have made our way back into bear territory and bear flags can be seen everywhere. In fact, we currently find ourselves in a bear flag at the moment. After completing a rising wedge (4.), the price tanked to the bear trend line from December's all-time high where it found support. It has acted as support more times than not as I have indicated. Drawing a trend line using the wicks of the 4-hour candles, Bitcoin may be in a falling wedge pattern using the green bear trend line as support. This is speculative as we clearly show a bear flag , but it is something to consider. To add some additional hope for all Bitcoin optimists, there is a lot of support at $8500-8600 (pink line) where we double bottomed previously. This line would coincide with the green trend line and could act as additional support. Plus a rebound from this could potentially have a positive price break out of the falling wedge where Bitcoin would find it's next obstacle. A breach of these support lines would complete a head an shoulders pattern and would send the price down hard. We will see how things play out as the Bulls and Bears continue to do battle.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out