So far btc has broken out of the multi year accumulation pennant (see the previous post for more information)
and it has stayed above it, as long as that happens and as long as the 21 weekly ema is respected the trend is considered bullish (for bitcoin).
One possible scenario right now is this expanding rising wedge.
This is the bullish case scenario, which could see us completing the wave 5 inside the rising wedge before correcting and completing a big ascending triangle.
The bearish case is, the price forms another concave shape on that support line ( of the broadening wedge ) and breaks it, then we would have a head and shoulders pattern, which would invalidate the whole bullish pattern.
The first pattern seems more likely at this point.
Here is an idea of the 2nd case:
(could happen, depending on the movement of the spx, but it's unlikely at this point)
and it has stayed above it, as long as that happens and as long as the 21 weekly ema is respected the trend is considered bullish (for bitcoin).
One possible scenario right now is this expanding rising wedge.
This is the bullish case scenario, which could see us completing the wave 5 inside the rising wedge before correcting and completing a big ascending triangle.
The bearish case is, the price forms another concave shape on that support line ( of the broadening wedge ) and breaks it, then we would have a head and shoulders pattern, which would invalidate the whole bullish pattern.
The first pattern seems more likely at this point.
Here is an idea of the 2nd case:
(could happen, depending on the movement of the spx, but it's unlikely at this point)