BTC - Bullish Pattern Forming
Right now it looks as if BTC is forming a Bull flag (yellow) or ascending triangle (blue) pattern. Both of which are bullish. What is interesting is this pattern is forming just about a week before a potential ETF decision.
Focusing on the yellow bull flag pattern. If we see price hold here and bounce tomorrow it could confirm this pattern. If we take the flagpole extension it could lead us as high as 53k!
If we take a look at the potential blue ascending triangle then our 1.618 is around 48k.
If $44,700 is broken over $4 billion worth of shorts will be liquidated most likely leading to short squeeze.
The level we should see some selling from the ETF decision is between my levels of $48,700-$53,400.
Of course the ETF decision could lead the market either way depending on the outcome, but based solely on the technical analysis of the charts BTC is forming a very bullish pattern.
Focusing on the yellow bull flag pattern. If we see price hold here and bounce tomorrow it could confirm this pattern. If we take the flagpole extension it could lead us as high as 53k!
If we take a look at the potential blue ascending triangle then our 1.618 is around 48k.
If $44,700 is broken over $4 billion worth of shorts will be liquidated most likely leading to short squeeze.
The level we should see some selling from the ETF decision is between my levels of $48,700-$53,400.
Of course the ETF decision could lead the market either way depending on the outcome, but based solely on the technical analysis of the charts BTC is forming a very bullish pattern.
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