BTCUSD appears to be forming a bear flag within an ascending broadening wedge. Based on this assumption, I am expecting an inflection around 8,400-8,600, which would be at the 38.2% fib level, running from the local bottom of 6,400 to the local high at 9,750. In alignment with the ascending broadening wedge, this would be the second touch of the bottom trend line (there are typically three touches of the top and bottom trend lines before an upwards breakout).
Please note that the bear flag pattern may extend further before breaking down, thus I am moreso observing the pattern as it develops rather than trying to call the tops.
Follow at your own risk, as there are often bear and bull traps along the way, and as always - BUY THE FKING DIP.
Please note that the bear flag pattern may extend further before breaking down, thus I am moreso observing the pattern as it develops rather than trying to call the tops.
Follow at your own risk, as there are often bear and bull traps along the way, and as always - BUY THE FKING DIP.