In my most recent BTC analysis I talked about my short-term view on BTC. In this analysis, I want to focus more on the longer term price action which we can expect on the coming months.
Seeing that the macro economic environment is more likely to worsen instead of getting better, a bearish near future is more likely than a bullish one. Be aware we can either retest the top resistance, or fall through the support in the near future. Key takeaway is the bearish break out.
As it appears, Bitcoin is following an almost perfect bear flag pattern. These patterns are classically bearish continuation patterns. I wouldn't be surprised if we're going all the way to 29K in the coming weeks.
I think the price will most likely break from the top of our triangle:
Elysian_Mind
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That's not a bearish flag. It's an ascending broadening wedge. However, it won't break down for a while. There's another, inner bullish wedge & bullish divergences:
GunMoney
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You use wicks on the bottom then some weird type of trendline up top. Using on wicks on the daily it's a rising wedge
UnitedSignals
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Great idea!
VinZa
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I dumped at around the 40K mark (DCA down) believing the price would hit approx 34K where I have some buyback orders. You feel 29K that's quite a bear move - I'm reevaluating my assessment and may now DCA my buyback down to 29K thereabouts. Thanks for sharing your thoughts - helpful.