Bitcoin sending mixed signals
Updated
On the daily BTC is sending contradicting signals. On the bearish scope, a bear flag pattern has formed which is a reliable signal that the trend will continue downward. But as the flag pattern formed there is also a falling wedge formation which is a very bullish signal, about 63% of the time the market trends upwards. We most take into consideration, inflation, Ukraine and Fed policy have played a huge part in downward movement, right now the path of least resistance is downward because there is big resistance around the $ 42,000 dollar area. We will have to wait and see what happens but most likely bitcoin will test lows it hasn't tested since July 2021 when it was sub $30,000 dollars where it will meet strong support at the $29,000 area.
If you like or don't like my idea please feel free to comment, I would like to read your take on things.
If you like or don't like my idea please feel free to comment, I would like to read your take on things.
Note
Looks like the bearish flag pattern won the fight, BTC breaking below that 39k resisatnce area, now BTC at around 35k and looking to test the 29k resistance from July 2021.
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