Bitcoin falling towards a reversal point
Updated
The recent bear flag broke down overnight a now we must ready our entries. Expect a drop into the $7200-7500 range in the next 36 hours. This should make a decent point for higher risk entries. We know anything can happen with bitcoin but this should be the likely bottom of the descending wedge consolidation resulting in a bullish reversal towards the trendline that has constrained the bear market since the December peak. A more conservative entry would be after the price breaks up out of the wedge pattern. The green wedge represents the range of the bullish move (if it happens). This range was developed by taking the largest and smallest slopes of upward movements since the February bottom (blue dashed lines). One is from the first move after the bottom and the second is from wave B in the correction. This target range for the bullish move is between $9400-$9850.
High risk buy target: $7200-7500
Low risk buy target: $7800-8000
Midterm profit target: $9400-9800
High risk buy target: $7200-7500
Low risk buy target: $7800-8000
Midterm profit target: $9400-9800
Note
So far so good...Note
Buy range tightening. We have a controlled descent through the channel labeled with the parallel blue lines. We may break out up briefly in another but smaller flag before continuing down. For now we will assume we're following the channel.
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