Symmetrical triangle/ bull flag
Btc is forming an symmetrical triangle / bullflag on the 4h timeframe.
The green lines are the targets for symmetrical triangle and the orange lines for the bullflag
Targets long 10950 - 11350
Targets short 10350 - 10060
If it breaks up btc also needs to break the 4h 200 MA even if line gets broken it might be an fake out so probably wait for an break of the 200MA as well
If breaks up the bearish head and shoulders pattern will be broken
If btc breaks down the pattern is still in play. For me at this point it is more likely to break down as the CME gap isn’t fully filled yet and the break out of the 9600 descending line haven’t been back tested for support. Currently this line is around 8700-8600.
For me this is short term more likely to happen. Even with this huge drop longer term will still be bullish if this line bounces for support!
The green lines are the targets for symmetrical triangle and the orange lines for the bullflag
Targets long 10950 - 11350
Targets short 10350 - 10060
If it breaks up btc also needs to break the 4h 200 MA even if line gets broken it might be an fake out so probably wait for an break of the 200MA as well
If breaks up the bearish head and shoulders pattern will be broken
If btc breaks down the pattern is still in play. For me at this point it is more likely to break down as the CME gap isn’t fully filled yet and the break out of the 9600 descending line haven’t been back tested for support. Currently this line is around 8700-8600.
For me this is short term more likely to happen. Even with this huge drop longer term will still be bullish if this line bounces for support!
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