so, bitcoin broke the descending wedge as expected to the upside (red lines), now it has formed a very short term bull flag (blue lines).
there are some heavy resistances in the form of parallel channels (the green lines). I would assume if the first line is broken then we proceed directly to the upper green line, this would be consistent with targets for both the wedge breakout and the mini flag pattern.
I am long here looking for the top green line and quit there to see the reaction.
below 44k and all patterns could be invalidated so I would definitely put stop loss there.
Not financial advice, DYOR. Happy trading and good luck everyone
there are some heavy resistances in the form of parallel channels (the green lines). I would assume if the first line is broken then we proceed directly to the upper green line, this would be consistent with targets for both the wedge breakout and the mini flag pattern.
I am long here looking for the top green line and quit there to see the reaction.
below 44k and all patterns could be invalidated so I would definitely put stop loss there.
Not financial advice, DYOR. Happy trading and good luck everyone