BTC/USD Long Term - 3 Scenarios I'll be looking out for
With everyone getting excited at the recent BTC pump, I think it's worth noting that we're still in a long term downtrend, and the recent pump definitely isn't enough to confirm a bullish reversal for me. Looking at the long term chart, we're in a falling wedge, but we haven't reached a definitive point yet as to where this market is headed in my opinion. My first pink flag is where I'll be looking for now, if we can follow that green line up and past the flag, I will start to consider a reversal. If we don't hit that mark, I'll be looking at the 2nd pink flag to make a decision - after that where the pink Martini glass sits - that will be a big decision time, we will be hitting major support there, so that will be a great indicator as to where we're headed (ofcourse this is assuming we even get that low, and the jury is still out on that one). Basically, I'm looking at 3 scenarios here - I'm most confident that we'll see some more retracement still. My guess is that it'll be decision time at the 2nd pink flag. People are still very unsure about where BTC is headed, and we need to keep that in mind. This is an extremely emotionally driven market, and any news (good or bad) can have major effects on market prices.
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