Many people talking about the bear flag , so I am expecting a reversal/short squeeze soon.

In this idea we have made a 3 wave move down from the ATH, since I am not under the impression 32.9K was the bottom after all I labelled this ABC down into a larger W wave. Another 3 wave move creates the X wave, before the final Y wave (another 3 wave move) will be put in.

Specific to the X wave, I labelled this as an ending expanding diagonal for the smaller wave C of the flat correction .

Wave 5 of the diagonal doesn’t have to meet the requirement of beeing longer than wave 3 in terms of fibonacci extension , but should extend beyond wave 3. It is also known that the 5th wave of the diagonal doesn’t always hit the upper trendline, so everything above 48.200 USD is a valid target. However, there is loads of confluence just above 50.000 USD so that will be my primary target.

Credits to @ChartChampions for the horizontals.