In a bear market potential good news is like wining to lottery, or something like that. Could we hope that the forming is going to push for a reversal in BTC? I noticed in some exchanges that some big money slowly are buying into this market, maybe in anticipation of the . It could be the beginning of a re-bounce in BTC .
The is not yet there, but it can come any time, the has plenty of space to move up. Do not forget we are still under 200MA which has a negative impact on any movement. For now the market seems to be comfortable leaving under 200MA but for how long?
The possible targets are on the chart, this could happen in the next 2-3 days.
Wait for confirmation with strong after the break out before deciding to buy, otherwise it could be another fake out. Don't forget the confidence is still very low.
The other previous blue lines indicate a clear bull traps, if you are day trader you should have managed them accordingly either to sell your position or sell some of your positions weight.
One scenario could be that we pull back from 200MA which I would not be surprise, another scenario would be to rally towards the last bearish flag at around 10k and possible roll over.
Now the happy path would be to get increasing volume for the next days which would change the picture. To early to say that as of now. Will see how it goes.