BTC - unclear PA
The daily on BTC is showing some conflicting patterns. Based on the last 64d, you could argue it's currently in a bearish pennant which implies it could drop down to 28.5k levels and below.
At the same time, the last 520D imply we're in some kind of rising wedge where we will see another bump up to 72k~ region.
Zooming in on the bearish pennant:
Now it doesn't have to bounce up 2 more times to complete the pattern. It could bump into the 44k~ region and proceed the sell off.
In that case it would revisit a frequently tested area, the 28.5k~ region. From there you would have to consider either closing your position:
What's confusing is the fact that it's also been holding a support level which indicates we might be in a big rising wedge:
If that's the case, people are probably waiting for BTC to break the 44k region before they think it's safe to invest again. A move outside of the 44k - 45k range could potentially imply that we're moving towards 72k again.
At the same time, the last 520D imply we're in some kind of rising wedge where we will see another bump up to 72k~ region.
Zooming in on the bearish pennant:
Now it doesn't have to bounce up 2 more times to complete the pattern. It could bump into the 44k~ region and proceed the sell off.
In that case it would revisit a frequently tested area, the 28.5k~ region. From there you would have to consider either closing your position:
What's confusing is the fact that it's also been holding a support level which indicates we might be in a big rising wedge:
If that's the case, people are probably waiting for BTC to break the 44k region before they think it's safe to invest again. A move outside of the 44k - 45k range could potentially imply that we're moving towards 72k again.
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