Just some thoughts. So many ways to look at this. I am mostly bullish though; currently it looks like a flag formation, and looking at RSI and MACD it is absorbing a fair amount of sell pressure without breaking down. This type of divergence is bullish, sort of like a prep for the next leg up. The target for this would be around the $14k.
Another idea is the head and shoulders thing, but honestly that feels a bit far fetched. Still, on longer term that would put a target at $17k.
If, however, BTC breaks downwards from its current flag pattern, I imagine it will stay bouncing around in it's ascending wedge pattern. The longer it stays in there, the more it will exhaust its bullish momentum and we might see a bearish reversal.
Another idea is the head and shoulders thing, but honestly that feels a bit far fetched. Still, on longer term that would put a target at $17k.
If, however, BTC breaks downwards from its current flag pattern, I imagine it will stay bouncing around in it's ascending wedge pattern. The longer it stays in there, the more it will exhaust its bullish momentum and we might see a bearish reversal.
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correction on the flag pattern target: that would be 15k (the smaller of two green lines).
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Flag broke down, and since the stockmarkets in general had a sell-off last week, but BTC is still within the wegde pattern. With luck it will serve as a channel from which it can move upward. I would (and will) not bet on any direction at the moment though.
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* and since the stockmarkets in general had a sell-off last week this is not suprising
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It looks like BTC is breaking out from the wedge, which is a positive sign, but it is still within an upward channel on a shorter timeframe. We're also on oversold currently, so ideally we see some sideways tradign allow BTC to stay above the wedge while absorbing some of the inevitable selling pressure
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Well, it looks like BTC is hitting the target zone nicely on time! Would not have expected this honestly, and I remain a bit skeptical, but hey, it is nice to see a graph do this.
