BTC WEEK UPDATE: Bitcoin is trading inside a bearish pennant with huge breakout targets ranging from 51 to 22K. Currently we are still bearish and in a downtrend, so a breakdown is more likely - however this could only happen by the end of May.
For the immediate short term a breakout upwards is more likely but will only confirm a real bull trend above 42K and beyond. Inside the pennant is neutral territory and the coming days will determine a bullish or bearish outlook. A bullish trend until Friday might unfold but might turn into a bull trap in the first week of June. Beware for more volatility in the coming weeks.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
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Thirs Bart Simpson peak formation for BTC in a row. Tomorrow (Wednesday) needs to be green in order for this market to have a chance recover...
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BTC trying to break the wedge; which it will in the coming days. As said; the immediate short term will pump prices across the market. Personally I'm looking for shorts from Friday onwards. I expect a market wide crash next week depending on the stock market. Next Monday will tell the true trend.
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Something is about to happen...
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BTC UPDATE: once we break local support (dotted line) and after the pennant; we are in for a big dump!
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BTC breaks below the bearish pennant! Dump incoming... target: 21K (not immediately but over this and possibly next month)
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We are at the end of the pennant people, you know what that means! Direction will be chosen soon!