BTC movements?

Just some thoughts. So many ways to look at this. I am mostly bullish though; currently it looks like a flag formation, and looking at RSI and MACD it is absorbing a fair amount of sell pressure without breaking down. This type of divergence is bullish, sort of like a prep for the next leg up. The target for this would be around the $14k.
Another idea is the head and shoulders thing, but honestly that feels a bit far fetched. Still, on longer term that would put a target at $17k.
If, however, BTC breaks downwards from its current flag pattern, I imagine it will stay bouncing around in it's ascending wedge pattern. The longer it stays in there, the more it will exhaust its bullish momentum and we might see a bearish reversal.

Comment:

correction on the flag pattern target: that would be 15k (the smaller of two green lines).

Comment:

Flag broke down, and since the stockmarkets in general had a sell-off last week, but BTC is still within the wegde pattern. With luck it will serve as a channel from which it can move upward. I would (and will) not bet on any direction at the moment though.

Comment:

* and since the stockmarkets in general had a sell-off last week this is not suprising

Comment:

It looks like BTC is breaking out from the wedge, which is a positive sign, but it is still within an upward channel on a shorter timeframe. We're also on oversold currently, so ideally we see some sideways tradign allow BTC to stay above the wedge while absorbing some of the inevitable selling pressure

Trade closed: target reached:

Well, it looks like BTC is hitting the target zone nicely on time! Would not have expected this honestly, and I remain a bit skeptical, but hey, it is nice to see a graph do this.