BTC Multiple bear flags + Falling wedge pattern = ??
Updated
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.
Note
Wow almost right on the money!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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.