Bitcoin Bull Flag forming, BTC to 40k?
Updated
Bitcoin is possibly forming a continuation Bull Flag pattern. Target ~40200
Price is respecting nicely 12H 9EMA as we can see from the chart (same with Total marketcap).
If we break the 9EMA support I think we will go test the Daily 9EMA and Flags bottom level where probably some buyers would show up. (Picture below)
This price action is quite fascinating and the trend seems strong (haven't broken down yet).
Much people are hoping for a Break and Retest on the 32k breakout level, so they can buy their positions. Could be that we won't even get there.
Not financial advice.
My analysis on Crypto Total Marketcap, the most important level I'm following on crypto
-PalenTrade
Price is respecting nicely 12H 9EMA as we can see from the chart (same with Total marketcap).
If we break the 9EMA support I think we will go test the Daily 9EMA and Flags bottom level where probably some buyers would show up. (Picture below)
This price action is quite fascinating and the trend seems strong (haven't broken down yet).
Much people are hoping for a Break and Retest on the 32k breakout level, so they can buy their positions. Could be that we won't even get there.
Not financial advice.
My analysis on Crypto Total Marketcap, the most important level I'm following on crypto
-PalenTrade
Note
I think 9EMA and possible Bull Flags bottom will give some support on Daily timeframe, but most ideal place to have a entry would be on the Break and Retest level around 32k.Note
Price respecting nicely 10EMA. As long as we stay on top of it, I'm waiting for 37400 target and if that is broken 42k, possibly 46-48k (48k target is .618 Fibonacci retracement, that probably will be hit at some point). If 10EMA breaks we might take some speed from possible flags bottom. There's also a rising channel (I'll add that).It feels like the price might not want to go retest 32k as there is loads of people waiting to pick up their positions cause they were surprised by the breakout
Note
I don't usually like to use lower timeframes cause they give much more false signals but here's the rising channel on 4H. Remember the more times support or resistance is hit the weaker it gets. Why I wanted to add this was the rising demand which it shows Note
Interesting price action. We broke the flag on 12H (not on daily yet). Now I'm following, if the price holds the upper portion of the flag, or previous highs, and can we close above 37500? If price does, it's bullish and 42k target is next and maybe even 45-48k. if we would get a flush out now (not so likely) 32k area would be a perfect place to buy. Anyways. At some point, we do need a flush-out
Note
"Price action looks like, we might need to take some more speed to break 37500 BTC. Test of 32k is always possible.
Let's see if the rising channel can hold!" I'm a long-term bull
Note
Can we finally break the 38k?Price does act like there is accumulation. Higher lows.
If broken targets 42k, and 45-48k.
48K is 0.618 Fibonacci retracement level.
Note
Bitcoin soon hitting the 48k Target!0.618 Fibonacci Retracement level ~48.5k!
Would make sense price to stall around 48k-50k. But you never know.
If broken, the next target is 52k.
At some point, it would make sense that we get that classic 20%-35% drop, that Bitcoin is known for! Be prepared for that!
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