Bitcoin Pullback and Next Possible Target!

Hello my friends,


This is a possible route for BTC in the near term.
Long term I see BTC as bullish, medium term bearish, short term bullish.

The things supporting this analysis are:

1. A bullish deep crab pattern in the works (in green and black) aiming at the 70xx - 72xx zone (final target of this analysis). After completion we can expect some sort of bullish action.
2. Price location is just coming out of distribution phase at the top, followed by an extreme dump producing a huge red awakening volume bar (in red).
3. RSI is way oversold, it will come back inside the channel, but it is likely it will not cross the mid point of the channel which suggests a retracement to the zones of resistance (red and yellow rectangles).
4. There is a clear bear flag (in dark green) in the works; which is a very bearish pattern; with destination to the zones of resistance (red and yellow rectangles).
5. Lines of support and resistance (pink) pass between the 38.2 and 70.5 retracement of the potential bearish flag (in dark green).

Disadvantages of this scenario:
1. Anything can happen.
2. This beautiful analysis with all the colors and beautiful patterns, can just be contradicted and invalidated in every possible way. We are trying to determine the most LIKELY future scenario.

Thanks for reading. If you enjoyed it please give it a like or just follow for future updates and posts.

Not financial advice.

Cheers.

Robertus.