Possible short tern reversal at play
Current Setup:
- Bullish Flag and Descending Broadening Triangle:
Bitcoin is in a consolidation phase, with a bullish flag potentially forming within a larger descending broadening triangle.
Bullish Scenario:
- If Bitcoin breaks out above the current consolidation (around $60,000), the bullish targets could be $64,945 (8.17% move) and potentially up to $69,884 (Fibonacci extension).
Bearish Scenario:
- Failure to break out could see Bitcoin retesting lower support levels at $57,000 or even $55,000.
Bitcoin's next move will likely be determined by how it behaves around the $60,000 resistance. A breakout could push it towards $65,000-$70,000, while a rejection could lead to a pullback.
- Bullish Flag and Descending Broadening Triangle:
Bitcoin is in a consolidation phase, with a bullish flag potentially forming within a larger descending broadening triangle.
Bullish Scenario:
- If Bitcoin breaks out above the current consolidation (around $60,000), the bullish targets could be $64,945 (8.17% move) and potentially up to $69,884 (Fibonacci extension).
Bearish Scenario:
- Failure to break out could see Bitcoin retesting lower support levels at $57,000 or even $55,000.
Bitcoin's next move will likely be determined by how it behaves around the $60,000 resistance. A breakout could push it towards $65,000-$70,000, while a rejection could lead to a pullback.
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