Looks like we hit the Bull flag target. In doing so we broke out of the larger falling wedge.
However, we're pretty heated up on the RSI. Volume still looking good but between here and $1.60 (top of small falling wedge) we could expect a reversal to cool off RSI and re-test larger falling wedge for support. Depending on where that falls, I'm estimating about a 10% decline.
I'm long-term and see a much larger move coming in the next 1-3 months though. So, I'm won't be selling. Once support confirms --and as long as BTC doesn't drop like a rock again-- we could see the test at 200 day moving average or right around the top of the macro descending channel.
If we break the channel then we'll hit Target 2 for the larger falling wedge and, eventually, retest ATH.
The next couple of weeks should hopefully show us whether or not we have a true trend reversal but as always have patience and trade safe.
However, we're pretty heated up on the RSI. Volume still looking good but between here and $1.60 (top of small falling wedge) we could expect a reversal to cool off RSI and re-test larger falling wedge for support. Depending on where that falls, I'm estimating about a 10% decline.
I'm long-term and see a much larger move coming in the next 1-3 months though. So, I'm won't be selling. Once support confirms --and as long as BTC doesn't drop like a rock again-- we could see the test at 200 day moving average or right around the top of the macro descending channel.
If we break the channel then we'll hit Target 2 for the larger falling wedge and, eventually, retest ATH.
The next couple of weeks should hopefully show us whether or not we have a true trend reversal but as always have patience and trade safe.
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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.