Bitcoin - is it bullish flag or bearish rising wedge?
Updated
I see rising wedge, in combination with overbought RSI and decreasing volume. This means that the sentiment might be moving from euphorie from last week pump to more sudden reality. I think we have to retest the 4800 mark from the top to trully confirm that this is the end of crypto winter and start of the crypto spring and possibly new bull trend.
If the price will close above the purple line, that's a clear signal that buyers are back in the game and we could continuation of the flag with additional 1 or 2 more long green legs before correction.
I am leaning more towards the short option 70%. Long squeeze would be more easier for the manipulators, following by sudden spike up.
If the price will close above the purple line, that's a clear signal that buyers are back in the game and we could continuation of the flag with additional 1 or 2 more long green legs before correction.
I am leaning more towards the short option 70%. Long squeeze would be more easier for the manipulators, following by sudden spike up.
Trade active
We broke trough the wedge just as planned, the resistance didnt allow the price to go up. Bearish reversal to our target will be confirmed after we brake trough 21 EMA. Watch closely. SL 5350.Trade active
Very clear bearish engulfing candle formed on the daily chart. New analysis was published.
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