Based on the larger time frame pitchfork channels (idea linked below) I see one of three possibilities playing out.
A. (Green) If we get super lucky, we could see a bull wave break us right out of our downtrend channel, and take us up to around point A. where theres a nice crossing of a prior resistance line and one of the bullish channel trend lines. There should be a good bit of resistance around there.
B. (Orange) Another bullish passability would have us forming a nice pennant over that next day or so, with a breakout near the crossing of the upper-most trendline from the bearish channel, and the bottom-most line from the bullish channel. This could lead to either a bounce at around point B. as thats a known resistance line, though if the momentum is there we could see it punch through to around the second trendline in the bullish channel before seeing more resistance.
C. (Red) If the bears have their way, we could see BTC 7.96% fall out of the bullish channel entirely. I feel that if this did happen, we'd play around near the bottom of the pennant for a little as opposed to just falling straight through, so the red arrow thats drawn could start a bit later than my prediction. If it falls, there are a few support lines that could cause a bounce, but the biggest wouldnt be until around 8.2k where we see a crossing of a trend and support line.
I've thrown in a few potential long and short positions just so you can quickly see the risk/reward of any trades your considering, personally, I wont be taking any right now.
A. (Green) If we get super lucky, we could see a bull wave break us right out of our downtrend channel, and take us up to around point A. where theres a nice crossing of a prior resistance line and one of the bullish channel trend lines. There should be a good bit of resistance around there.
B. (Orange) Another bullish passability would have us forming a nice pennant over that next day or so, with a breakout near the crossing of the upper-most trendline from the bearish channel, and the bottom-most line from the bullish channel. This could lead to either a bounce at around point B. as thats a known resistance line, though if the momentum is there we could see it punch through to around the second trendline in the bullish channel before seeing more resistance.
C. (Red) If the bears have their way, we could see BTC 7.96% fall out of the bullish channel entirely. I feel that if this did happen, we'd play around near the bottom of the pennant for a little as opposed to just falling straight through, so the red arrow thats drawn could start a bit later than my prediction. If it falls, there are a few support lines that could cause a bounce, but the biggest wouldnt be until around 8.2k where we see a crossing of a trend and support line.
I've thrown in a few potential long and short positions just so you can quickly see the risk/reward of any trades your considering, personally, I wont be taking any right now.
Looking at the linked idea below, we can see that with this move we've all but certainly broken from our downtrend, meaning I probably shouldnt have even called points a. And b.bounce points, but rather just resistance. If you have money to put in but have been super hesitant, take this as you're next opportunity. Dont buy RN because we are literally sitting just atop a steep bull run. But keep an eye on it and if you see it breaking out from the flag, make a move.
I will be making an updated post soon to continue viewing the short term movement of the post below, and in it ill further explain the bull flag situation if it hasnt already played out by then.