Bitcoin and the Land of Wedges - Bull vs. Bears

BITFINEX:BTCUSD   Bitcoin / Dolar
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Hey guys, here's what I see looking at the 4 hour Bitcoin chart. After completing a double top on March 5th, we have made our way back into bear territory and bear flags can be seen everywhere. In fact, we currently find ourselves in a bear flag at the moment. After completing a rising wedge (4.), the price tanked to the bear trend line from December's all-time high where it found support. It has acted as support more times than not as I have indicated. Drawing a trend line using the wicks of the 4-hour candles, Bitcoin may be in a falling wedge pattern using the green bear trend line as support. This is speculative as we clearly show a bear flag , but it is something to consider. To add some additional hope for all Bitcoin optimists, there is a lot of support at $8500-8600 (pink line) where we double bottomed previously. This line would coincide with the green trend line and could act as additional support. Plus a rebound from this could potentially have a positive price break out of the falling wedge where Bitcoin would find it's next obstacle. A breach of these support lines would complete a head an shoulders pattern and would send the price down hard. We will see how things play out as the Bulls and Bears continue to do battle.
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