the current 1 hr bull flag has been consolidating forming an equilateral pennant with its wicks....this next 1hr candle should be the deciding candle for it but even though bull flags usually break upward this one seems to be threatening a down break....if it breaks upward I switch to long...if it breaks downward it can get enough momentum to drop back down through the bearpennant triangle and breakdown bearishly out of it...so a very important candle indeed....the one hour chart is not typically one I share in my ideas but I thought this specific 1 hr candle has so much riding on it that it was worth talking about. if it breaks down we will see bears take over if up then the bottom might already be in.
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i am so sleep deprived I just realized i put porential instead of potential on the charts...lol my bad im sure you can figure out what I meant though lol
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the bull flag on the 1 hr chart broke down just in time to potentially allow this current 4hr candle a chance to get back into the bear flag and then break down udner it before it closes which will lead to dropping toward a potentially double bottom around 5900-6100. I can only hope this ship turns around by then.....it appears the april fools bullish rebound may have been the crypto fools prank I'm sure it caught a lot of people off guard as many were certain the bottom was already in...even though we never once reached a higher high after the initial 7226 that we climbed which emans the bears were still in control the whole time. we are now currently back down under the 1hr t line and the next big challenge for the price will be getting throught the 4 hour t line which is trying its best to block access to the bear flag.
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the breakdown is unfolding very precisely we have gotten back inside the triangle once and still have an hour and 15 minutes left with which to break down under it...let's see if it plays out