BTC - Clear "inverted" bull flag being created

26 Mei 2022

Although I have laid out the bullish scenario for the move up to $34,000-36,000, the more I look at this chart the more it begins to look like breakdown first. This makes sense for a few reasons. 1. If we inverse the chart as I have done in the chart above, we can see we are in a bull flag which would break to the upside around 80% of the time. Since the chart is inverted though, it would lead to another crash. I have laid out the conservative measured move of the flagpole (yellow line) which would bring us around $22,800. This also coincides with how bearish some of the altcoins are starting to look (as I have laid out in previous posts). Again, we are waiting for a confirmed breakout or breakdown before heavily trading this pattern. I recommend inverting the chart and deciding what you would do if the roles were reversed.