Bitcoin Update: Bearish in Short Term, Bullish in Long Term
BTC is painting a bearish flag pattern and the pattern will be confirmed in case of breaking down of the bottom support of this flag at around $40K, this scenario can drag the price down to 26 - 27K which is the projection of this pattern and also the support of the main huge broadening wedge pattern on the weekly chart as well as the wave E of Elliott waves. This level also clusters with EMA200 which makes it more strong.
- This analysis will be invalidated if a weekly candle closes above the dynamic resistance (around 45K)
