Hi there. I want to share with you my thoughts about Bitcoin.
There are two possibilities:
-Option 1 (red arrow): I think this is the more likely option. That's because the patterns has been formed are BEARISH patterns (blue rising wedge and yellow bearish pennant). Furthermore, BTC longs are at ATH, and BTC shorts are in the bottom.
-Option 2 (green arrow): Well, this possibility could happen too. But, like I said, it would be weird.
Other arguments that could help with the analysis:
-The daily candle is fighting with 200ema. If candle closes below it, option 1 would be more likely. If candle closes above it, then option 2 would be more likely.
The best thing here would be to wait and see which way it breaks, to be able to act accordingly.
I really liked this analysis.
Keep on making this good content!
Thank you!