Bitcoin Pattern Analysis
Bitcoin has created a bullflag pattern and as of writing, it is in a consolidation phase and it drew a symmetrical triangle and this has a higher tendency to breakout anytime within the 24 hours. When it does, the target for it to reach would be around the 27K-28K mark but it has to break the megaphone around the 24.3K.
If it consolidate even longer, as of writing, it is creating a descending triangle and this pattern has a higher tendency to break down and if it does, the target would be around the 21K mark.
If trading the Breakout, it will pull a long 15-18%, if it breaks the megaphone trend at the 24.3K mark.
If trading the breakdown, it will pull a long -5-6%.
Trade with caution, be prepare for the pullback if trading the breakout.
Note: Not a financial adviser, just personal thoughts
If it consolidate even longer, as of writing, it is creating a descending triangle and this pattern has a higher tendency to break down and if it does, the target would be around the 21K mark.
If trading the Breakout, it will pull a long 15-18%, if it breaks the megaphone trend at the 24.3K mark.
If trading the breakdown, it will pull a long -5-6%.
Trade with caution, be prepare for the pullback if trading the breakout.
Note: Not a financial adviser, just personal thoughts
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