BTCUSD - Bull flag, monthly and long term analysis
The current levels are make it or break it for bitcoin and it's future, bitcoin has been transversing into a long term descending channel since it reached it's ATH on 2017.
By looking at daily and lower time frames it's possible to notice a bullish flag being formed. Currently we are on consolidation(flag) but if breakout occurs we are looking to hit 11k fast and continue until wave 3 and 5 is reached in elliot wave for bigger levels. Take in consideration these levels were draw according to the flag pole, flag distances and resistances in consideration.
At the moment, it's not clear if we are gonna have a breakout but with our current momentum of CHINA news and investment and other partnerships, there is a big possibility that this plays out....
If this fails, we might be talking about dark times for bitcoin and crypto in general and takes us for lower 3-4k.
Long term conservative target: 35k
By looking at daily and lower time frames it's possible to notice a bullish flag being formed. Currently we are on consolidation(flag) but if breakout occurs we are looking to hit 11k fast and continue until wave 3 and 5 is reached in elliot wave for bigger levels. Take in consideration these levels were draw according to the flag pole, flag distances and resistances in consideration.
At the moment, it's not clear if we are gonna have a breakout but with our current momentum of CHINA news and investment and other partnerships, there is a big possibility that this plays out....
If this fails, we might be talking about dark times for bitcoin and crypto in general and takes us for lower 3-4k.
Long term conservative target: 35k
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