It looks like the pattern is starting to come into focus. It seems there are some clear impulse waves that match up with classic fib lines pointing to a wave 5 resolving around the $13,500 area.
Is this going to play out? It's unclear. Nothing is set in stone, however if Bitcoin breaks the top line of the bull-flag (Shown in the chart) it's currently in, then we can see a potential large push to the upside. This would not only break the mid term down trend, but also put in a higher high and create a definitive break of the macro downtrend (~$11,100 area). If it fails to do so on this attempt we risk not only breaking down to the bottom of the bull-flag, but also breaking the trend-line started in March. That would likely lead to lower prices (Possibly the $7000 range). All eyes are on the upper line of the bull-flag of $10,200. Cross your fingers!
Is this going to play out? It's unclear. Nothing is set in stone, however if Bitcoin breaks the top line of the bull-flag (Shown in the chart) it's currently in, then we can see a potential large push to the upside. This would not only break the mid term down trend, but also put in a higher high and create a definitive break of the macro downtrend (~$11,100 area). If it fails to do so on this attempt we risk not only breaking down to the bottom of the bull-flag, but also breaking the trend-line started in March. That would likely lead to lower prices (Possibly the $7000 range). All eyes are on the upper line of the bull-flag of $10,200. Cross your fingers!