Nearing the neckline; being squeezed between 4hr Tline & 50MA

Price action is currently being squeezed between the 4hr buy/sell line(50ma) and the 4hr tline(8 EMA) and should shoot one way or the other soon enough. I expect a break upward even though it's currently forming a bear flag(which usually breaks down). A break below the bearflag could take us as far down as $7938 but if we go up then we could hit the neckline of this double bottom pattern by the 29th of April. Even though the bearflag(in red) which tend to break downwards has formed, that bear flag has formed inside a falling wedge(in tannish green) which have a tendency to break upwards. Often times these patterns become bear patterns cloaked in bull patterns or bull patterns cloaked in bear patterns. A break up from the wedge would only result in a projected uptrend target of $9238 which would continue skimming along the top surface of the eve trendline(in pink)'s current trajectory....however breaking up from the bearflag could have enough momentum to take us to $9874. It all depends on which pattern is more valid. They may both be valid. If either pattern breaks up the trajectory of the Eve line does not change and we would have a current projected date of April 29th as when we could reach and test the neckline of the Adam & Eve double bottom...If we broke downward, that would put us under the 4hr buy sell line and also give us a lower low which would mean a shorting opportunity, taking us all the way down as far as $7938 and significantly changing both the trajectory of the Eve trendline, and also which date it would reach the double bottom's neckline. As long as one is prepared for both potential outcomes, both outcomes can be a solid opportunity and fortunately neither will nullify our double bottom pattern. For a multitude of reasons I think probability favors a break upward, once the 50ma and the t line are done squeezing the price action I anticipate the 50ma teams up with the eve trendline and should have enough combined support to shoot the price action above the t line. So for now I am still long, but I will be ready to short should the opposite outcome occur. You of course make your own decisions as this is only my personal strategy and in no way meant to be taken as financial advice. Good luck and thanks for reading!

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