BTC Multiple bear flags + Falling wedge pattern = ??
Marked in the black lines, you can see multiple consecutive bear flags that seem to be getting smaller and smaller. Those bear flags are incorporated inside of a falling wedge pattern.
All this gives a good indication of a serious break out coming soon.
Falling wedge pattern indicates a trend reversal and the target is the difference between the start of the wedge pattern. In this case it will be ~$526.3.
If we break out around ~$3500 it should bring us up to ~$4000. Which also meets the downward channel that we are in.
So Medium term, I expect BTC to rally to the blue line.
Then from there.. if we can sustain high volume break out past the blue line, I believe that we have already seen the bottom at 3200.
Will update after break out of falling wedge pattern.
All this gives a good indication of a serious break out coming soon.
Falling wedge pattern indicates a trend reversal and the target is the difference between the start of the wedge pattern. In this case it will be ~$526.3.
If we break out around ~$3500 it should bring us up to ~$4000. Which also meets the downward channel that we are in.
So Medium term, I expect BTC to rally to the blue line.
Then from there.. if we can sustain high volume break out past the blue line, I believe that we have already seen the bottom at 3200.
Will update after break out of falling wedge pattern.
Looking for a target of ~4000. If it goes above with a strong push, expect an even higher rally up to the pink ~4300.
Chances of a pump past 4000 are unlikely, 90% chance it will not make it past 4k, but will update as we get more information.