BTC - three pattern take Bitcoin down to 5K
This is ONE way this might play out.
First requirement is that BTC is currently forming a bull flag (pink pattern).
If it does, the target of the bull flag would be the same as the target of the previous falling wedge (yellow), around $9800-10.000.
From there, the large bear flag (blue), that by now would have taken shape, would take BTC down to 5K territory.
It looks nice! But a lot of charts here look nice and never play out, so don't take this as financial advice!
First requirement is that BTC is currently forming a bull flag (pink pattern).
If it does, the target of the bull flag would be the same as the target of the previous falling wedge (yellow), around $9800-10.000.
From there, the large bear flag (blue), that by now would have taken shape, would take BTC down to 5K territory.
It looks nice! But a lot of charts here look nice and never play out, so don't take this as financial advice!
Trade active
We're on track :) The flag has not been invalidated and indeed is forming right now
Note
BTC could also drop out of the bull flag and towards 7.7k. That would exactely replicate the entire BTC movement since the 6K low, just a level smaller.Order cancelled
BTC dropped out of the flag. It may go all the way down to test the uptrend line. I thought it should go up one more time before the big drop, it might still happen on a smaller scale.I am not trading BTC until the next clear signal.
Note
Update:
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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.