After breaking down from the ascending channel that it was in, BTCUSD is now consolidating in what looks to be a bear flag (more visible on the 1hr). However, it might also be a double bottom (looks better on the 4hr). The MACD is converging bullish on the 4hr and the pair also looks to be breaking the resistance at approx 64.9k. However, on the 1hr the MACD looks to be converging bearish. I think this might be more of a double bottom than a bear flag.
If this is a bear flag, the target is at 60,913 which coincides perfectly with the uptrending line of support bitcoin has held (previously as support) since December 2020. However, if it's a double bottom the target will be between 68,618 and 69,039. Let's see how this plays out.
If this is a bear flag, the target is at 60,913 which coincides perfectly with the uptrending line of support bitcoin has held (previously as support) since December 2020. However, if it's a double bottom the target will be between 68,618 and 69,039. Let's see how this plays out.