Apart from all the FUD these days in the crypto space on the daily timeframe the forming chart pattern could be identified as a broadening wedge pattern which is more likely to be resolved to the upside in this case.
This demands of course that the current low is the final low in this pattern and therefor the 200 day SMA holds the price action (currently it looks...
A bullish wedge is forming on the daily chart. Seems like Bitcoin does need this consolidation patterns after the breakout of the bearish trend channel. If this wedge does break to the upside a move to 9000 $ is likely. At least to the 200 SMA. If we are able to break the 200 SMA then I would expect a more neutral to bullish market phase at least until the halving in May.
The price of Bitcoin has stopped his upward move and is now in a bullish consolidation pattern. If this bullish flag pattern breaks to the upside (currently by rising significant above ~8770 USD) the continuation of the bull move is very likely. The target remains at the next Fibonacci retracement level at 9440 USD.
This is a plain and simple pattern. No need to complicate this. If BTC breaks the upside with quotes over ~8300 USD the bullish trend will continue (more likely). At least until ~9000-9400 USD
If the unlikely scenario happens that BTC breaks to the downside (like ~7200 USD and lower) we'll see further falling prices.