Hello folks. I think we are in a falling wedge, that will soon bring us down to the 6000 area, where we have a double bottom with the 6th february low. After that i expect a slight bounce as we approach the top of the wedge. As soon as we break the wedge to the upside, we can rally to breakout price + base of wedge (around 1700$), somewhere in the 7900-8100 zone. We then should stay above 7700 to maintain the upwards trend.
Comment:
So far working out as expected. We broke down from the top of the wedge right after i posted my initial idea. Since then we've been moving sideways in a channel between 6600 and 6900, forming a possible bear flag in the process. This might go on for a while, with each rejection at 6900 increasing the chance to complete the flag pattern. The flag has the potential to bring us down to 6200. If we hit the wedge bottom at this point, maybe we won't even get to 6k.