Bitcoin Update: Bearish in Short Term, Bullish in Long Term
BTC is painting a bearish flag pattern and the pattern will be confirmed in case of breaking down of the bottom support of this flag at around 40K, this scenario can drag the price down to 26 - 27K which is the projection of this pattern and also the support of the main huge broadening wedge pattern on the weekly chart as well as the wave E of Elliott waves. This level also clusters with EMA200 which makes it more strong.
- This analysis will be invalidated if a weekly candle closes above the dynamic resistance (around 45K)
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