Bitcoin had a very good rally at the end of 2017. A correction would be healthy. At the end of december 2017, BTC/USD started correcting. This correction is still going and some people might even think that we are in a bear market.
Today BTC/USD had some good buying support. The daily RSI i getting closer to the oversold zone which is a bullish sign. The support propably came from the previous high, the support of the flag and the 200 MA.
If we look closer, there are several major resistances that we have to break through to confirm that BTC/USD made a bottom and that we are back in a bull market. On the image below, a purple line is drawn which represents a resistance of the falling wedge. The blue line is the resistance of the falling flag. Both are bullish indicators.
If we fail to break through the purple resistance, then the green lines could potenitally be the pathway for the coming weeks with a lower bottom around $ 6900. If bitcoin could break the blue and the purple resistance, then there are still several major resistance levels around $12200, $13000, $ 17200 and the all time high around $ 20000.
Disclaimer: This is not financial advise.
I just want to give my humble opinion on some products by doing technical analysis. There may be some minor and/or major flaws. Nobody is perfect and I'm willing to learn from my mistakes through your opinions. Thank you.
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Image source: https://www.tradingview.com/