This is ONE way this might play out.
First requirement is that BTC is currently forming a bull flag (pink pattern).
If it does, the target of the bull flag would be the same as the target of the previous falling wedge (yellow), around $9800-10.000.
From there, the large bear flag (blue), that by now would have taken shape, would take BTC down to 5K territory.
It looks nice! But a lot of charts here look nice and never play out, so don't take this as financial advice!
First requirement is that BTC is currently forming a bull flag (pink pattern).
If it does, the target of the bull flag would be the same as the target of the previous falling wedge (yellow), around $9800-10.000.
From there, the large bear flag (blue), that by now would have taken shape, would take BTC down to 5K territory.
It looks nice! But a lot of charts here look nice and never play out, so don't take this as financial advice!
Trade active:
We're on track :)
The flag has not been invalidated and indeed is forming right now
The flag has not been invalidated and indeed is forming right now
Comment:
BTC could also drop out of the bull flag and towards 7.7k. That would exactely replicate the entire BTC movement since the 6K low, just a level smaller.
Order cancelled:
BTC dropped out of the flag. It may go all the way down to test the uptrend line. I thought it should go up one more time before the big drop, it might still happen on a smaller scale.
I am not trading BTC until the next clear signal.
I am not trading BTC until the next clear signal.
Comment:
Update:
