Is Bitcoin in a Bear Flag, Bear Pennant or Just Ranging ?

There are so many possibilities for Bitcoin right now, including a push higher, that may not be sustained or not.
This would Obviously then invalidate the idea of a Bear Flag or Bearish Pennant.

And we just have to wait and see..But we can look at Charts and formulate ideas so that we can react with a plan.

So, the main chart shows my favoured scenario.
PA in upper half of a Range Box that is actually ln line with he upper half of the 2024 Range.

PA has already tested the lower line of this Range when it entered it. PA Can re-enter the lower Half at anytime but, for now, PA sits happily on the Mid line of range and bounces around.
This is my favoured idea as PA is also sitting on the cycle VWAP, a line that rarely gets lost as support on a weekly chart

So, that is the Range idea.
That Range could also obviously be a Bear Flag....and we just have to wait to find out, however, PA is Oversod and so, it may be harder to push PA Lower, a lot lower.

The Second most likely idea in my mind is this.

That is a classic bearish Pennant. They act more as a warning, Not a Guaranteed move signal.
Should PA push up out of this pennant, we can see the longer term descending trendline.
If PA gets to this, we have a price of around 80K -> 85K usdt
( This price range also applies if PA pushes up out of Range obviously, )

What happens when PA gets tpo that line is uncertain and will be delt with when we get there.....But rejection is likely.

And If it all hits the Fan from where we are now, measured moves can take us down to around 50K, with 58K being strong support

So, to conclude. We need to remain Cautious. Around Mid 50'sK is possible, either in the short term or longer term
IF we push up sooner, then be Cautious of the Trend line arounf 80K -> 85K

Most charts point to Q3 and Q4 being the most likely months for a full Bullish push......But we are in Very uncertain times right now......
Just have plans for All scenarios

Orriginal

Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice

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Orriginal