Bear flag/bull flag tug of war morphs into descending wedge.
What at first seemed like a 4hr chart bear flag with a 2hr chart bull flag inside of it has now morphed into a descending wedge style bear flag which, although bear flags tend to break downward in a downtrend a descending wedge has a tendency to break upward. Factoring these things in with how long we have been consolidating without being able to get under the red fib line and the impending "Major Announcement" from coinbase COO on CNBC's Fast Money, we seem to be finding a base for btc that depending on the announcement could see us going up from here....so for now I will switch to neutral until we hear what the outcome of this announcement is....the set up of this wedge could lead to an upward breakout. The stock amrket is suffenly super healthy as well and the crypto market has been kind of moving in a similar current to that recently. So be prepared to watch for this announcement and do your best not to fall victim to speculation.
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there's also a chance if coinbase announces a new coin for their platform you could see btc dip a bit as people dump chunks of their btc holdings into that coin leading up to when they add the coin to the dashboard...once that coin can be bought with usd you may see it no longer dip btc
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the coinbase announcement was about a venture fund...nothing too special.,,just a way for them to invest in companies without there seeming any conflict of interest.
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the more the price action develops sideways the more it starts to resemble a diamond bottom...still uncertain will have to wait until the price finally breaks out...right now it's catatonic.
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this pattern has morphed so many times it is now back in a wider bull flag pattern...but it could still be a diamond bottom or possibly an Adam and eve double bottom www.tradingview.com/chart/7nA4Mcaj/
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