BTC still continues intact the bear flag pattern, but the last local maximum has formed lower than the previous one. There is such a probability to create 123 top formation and subsequently the correction leg. The market price, meanwhile, is struggling with support for this flag. On reflection, however, the current volumes will not be enough.
BTC is currently struggling with the main support of the bear flag, but since the volumes are absolutely unresponsive, it is quite possible that in the end the price of support will not maintain. In addition, the last maximum reached only $ 49,660, which is lower than the previous one. This creates a potential top 123 pattern that represents a reversal of the trend.
However, point 3 may also represent respect for previous support for the growing wedge. It would be a bearish signal and confirmation that the growing wedge was confirmed with the target at a level of approx. $ 42,500. Either way, both scenarios represent the same signal, and the situation so far suggests that we will go to corrections.
A BTC correction will also mean a bullish signal
If the price could be tested support zone from $ 42,500 to $ 41,000, it would be a back-testing of the resistance of the previous accumulation zone. It would be created that way ideal entry point for long position before continuing further growth.
If we want the BTC price to continue up from the market price, we will need to dramatically increase volumes and break the resistance to $ 50,500. However, this is not happening yet.
