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.
I'm going to update this idea with another arguments that could help.
The best thing here would be to wait and see which way it breaks, to be able to act accordingly.
Legal disclaimer: *THIS IS NOT A BUY/SELL SIGNAL. Try to do your own research before trading.*
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-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.