Bitcoin – is it bullish flag or bearish rising wedge?

Bitcoin – is it bullish flag or bearish rising wedge?

I see rising wedge , in combination with overbought RSI and decreasing volume . This means that the sentiment might be moving from euphorie from last week pump to more sudden reality. I think we have to retest the 4800 mark from the top to trully confirm that this is the end of crypto winter and start of the crypto spring and possibly new bull trend.

If the price will close above the purple line, that’s a clear signal that buyers are back in the game and we could continuation of the flag with additional 1 or 2 more long green legs before correction.

I am leaning more towards the short option 70%. Long squeeze would be more easier for the manipulators, following by sudden spike up.

Published at Wed, 10 Apr 2019 10:21:22 +0000