Bull flag on weekly, but I have my doubts this breaks out unless entire crypto market pivots. Could be merely a technical bounce here both on previous top from last May + bottom of weekly descending wedge. There's decent r/r on a bounce attempt for $100 which is a psychological level as well as where there was indecision (doji) 3 weeks ago.
Scenarios I see from here...
(a) Short term bounce back towards $100 + attempt at breaking wedge
(b) Wedge breakout + $140 test
(c) Chop + markets get bloodier over the next 2-3 weeks and we get some acceleration to the downside, in which we could get some serious capitulation where I'd be a buyer around $20-30 if it hits (flexibile with this)
(d) More blood ASAP, free fall
I think the most likely scenario is to be (c) but there could definitely be a short-lived bull rally, which I would not personally trust continues higher, rather fades and tests the lows here again. I have no position, and am open to any possibility. Just mapping out my thoughts and breakdown here.
Scenarios I see from here...
(a) Short term bounce back towards $100 + attempt at breaking wedge
(b) Wedge breakout + $140 test
(c) Chop + markets get bloodier over the next 2-3 weeks and we get some acceleration to the downside, in which we could get some serious capitulation where I'd be a buyer around $20-30 if it hits (flexibile with this)
(d) More blood ASAP, free fall
I think the most likely scenario is to be (c) but there could definitely be a short-lived bull rally, which I would not personally trust continues higher, rather fades and tests the lows here again. I have no position, and am open to any possibility. Just mapping out my thoughts and breakdown here.