BTC 1D - Figure Format
We can clearly see a bullish flag pattern for BTC in the daily chart.
We are situated in a 50% fibo retracement area, which also converges with a pretty strong downtrend line around 11.7k. If this first trendline is broken we have great possibilities to reach the lower 12k, and consequently having more momentum for the breakout, which I dont believe to happen to soon.
Takeaways
-there are still possibilities of big drops to 8k and 6.5k levels, which could be the lower limit of the flag pattern.
-If the bullish flag pattern is confirmed monumental gains could be made, with great possibiities of reaching 26.5k, or even 37k (long term possibility)
For now, lets closely watch the breakout of the two downtrend lines in order to have some bullish momentum going
We are situated in a 50% fibo retracement area, which also converges with a pretty strong downtrend line around 11.7k. If this first trendline is broken we have great possibilities to reach the lower 12k, and consequently having more momentum for the breakout, which I dont believe to happen to soon.
Takeaways
-there are still possibilities of big drops to 8k and 6.5k levels, which could be the lower limit of the flag pattern.
-If the bullish flag pattern is confirmed monumental gains could be made, with great possibiities of reaching 26.5k, or even 37k (long term possibility)
For now, lets closely watch the breakout of the two downtrend lines in order to have some bullish momentum going
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