Bitcoin possible bull flag
Hello!
Has been very interesting to watch how BTC performs now on All Time High.
Here we have a nice setup. Ready for both moves up and down.
Fear And Creed Index 95 and have been on or close to extreme creed for more like 1,5 month ;D. So we are going to see a drop. The question is. Is it in a week or after another month. Use caution!
Bitcoin broke ATH and is right now on uncertain waters but we are still in strong bull trend (higher lows). We can see fast moves up or down. I think this is a possible move upside as we can see the smooth flag pattern. Target levels shown asarrows are symmetrical size from the price movements before.
RSI has also already broke the supressing trendline (Bull)
There are also EMAS which might work as a support.
I am ready to take another long (Fibo levels) if the pattern brakes downward.
Keep in mind that this is 1 hour timeframe so it is possibly to just go sideways and the pattern can totally reshape.
Oh yeah I almost forgot. There is also still space to move on Bitcoin Dominance chart on weekly if you check the top resistance line. I think I made an analysis about (3 - 4 weeks back) it before and it did work as resistance.
Let's see where the market wants to go and follow it's lead and peaceful Christmas to everyone!
This is not financial advice.
If you do make trades use stop loss or you get your ass burned.
1st mistake beginner traders do is taking to big risk.
-Jebu
Has been very interesting to watch how BTC performs now on All Time High.
Here we have a nice setup. Ready for both moves up and down.
Fear And Creed Index 95 and have been on or close to extreme creed for more like 1,5 month ;D. So we are going to see a drop. The question is. Is it in a week or after another month. Use caution!
Bitcoin broke ATH and is right now on uncertain waters but we are still in strong bull trend (higher lows). We can see fast moves up or down. I think this is a possible move upside as we can see the smooth flag pattern. Target levels shown asarrows are symmetrical size from the price movements before.
RSI has also already broke the supressing trendline (Bull)
There are also EMAS which might work as a support.
I am ready to take another long (Fibo levels) if the pattern brakes downward.
Keep in mind that this is 1 hour timeframe so it is possibly to just go sideways and the pattern can totally reshape.
Oh yeah I almost forgot. There is also still space to move on Bitcoin Dominance chart on weekly if you check the top resistance line. I think I made an analysis about (3 - 4 weeks back) it before and it did work as resistance.
Let's see where the market wants to go and follow it's lead and peaceful Christmas to everyone!
This is not financial advice.
If you do make trades use stop loss or you get your ass burned.
1st mistake beginner traders do is taking to big risk.
-Jebu
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.