I am not going to place this as a long or short position, because this is just speculation.
But on the weekly, bitcoin's "crash" really is nothing more than a normal consolidation - thus far.
But could it be a high and tight flag?
Well it certainly looks that way.
I placed BTC's major support at 12650. It has broken below on strong volume. We're in freefall now.
NEXT LEVELS OF SUPPORT
BUCKLE UP FOLKS, WE'RE IN FOR A BUMPY RIDE!
A broadening descending wedge performs decently as a price trend reversal, reversing the downtrend 55% of the time. 79% of BDW's reach the target price of the formation peak. Here, the target would be 1075 satoshis.
Watch volume carefully and watch for a partial decline. A p.d. indicates an upcoming upward breakout.
Also, take note of the potential double bottom ...
Funfair finds itself in a falling wedge pattern, which breaks upwards 61% of the time but is a general poor performer. If FUN can break above, the top of the pattern - 1400 satoshis - will be the price target.
God help me and other FUN holders if we break below.
LTC entered a bull flag following a steep run up. It then squiggled out, failing to make either a strong move up or down. Now, we see that LTC trades on extremely low volume, the market indicating massive indifference. Meanwhile, RSI and Momentum confirm a small recent uptrend in LTC.
If the general price trend is up - of course - and a bull flag a continuation ...
If Dash can form yet a new bottom we could be seeing a multi-bottom or a "Big W" depending on how you see it. It doesn't really matter, the formations are similar. It does look like DASH is trying to form a bottom to me. I've added a traditional price target. Stay tuned.