BTC Falling wedge or Bear flag?
Updated
BTC has been trading sideways the 10 days and the predictions for the next price moment have shifted bullish. I have seen the current chart pattern labeled as a falling wedge (considered bullish) or a bear flag (considered bearish). However, bear flags tend to be short term uptrends interrupted by sharp drops. (investopedia.com/terms/f/flag.asp)
The pattern we are currently posting is certainly trending downwards, making me call it a bullish falling wedge. The short term higher low could also be printing a textbook 123 or ABC reversal pattern. Once we break the upper segment of this falling wedge I would imagine volume to pour in and the price to rebound sharply. A break above the previous high of 8500 should signal many traders and investors that a reversal is in the process.
Daily RSI is also still oversold at levels not seen since December. Overall, the indicators are stacking up in the bull's favor.
Keep an eye on it because a move is coming.
Happy trading and investing.
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The pattern we are currently posting is certainly trending downwards, making me call it a bullish falling wedge. The short term higher low could also be printing a textbook 123 or ABC reversal pattern. Once we break the upper segment of this falling wedge I would imagine volume to pour in and the price to rebound sharply. A break above the previous high of 8500 should signal many traders and investors that a reversal is in the process.
Daily RSI is also still oversold at levels not seen since December. Overall, the indicators are stacking up in the bull's favor.
Keep an eye on it because a move is coming.
Happy trading and investing.
Like, comment and subscribe!
Note
Call was a little early but but still quite accurate.
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