Bitcoin is in a *GIANT* Bullflag, and no one has realized it yet
Hello dear crypto friends, hope you're doing well guys! ;)
You can either watch this analysis or read it, whatever is best for you.
If we start off with looking at the Daily chart, most of my colleagues will be pointing to this Descending Triangle trendline:
While this is perfectly fine, it is an inaccurate information, just when the doctor would look at one layer only at X-ray. Because if we look at the Weekly chart, we will get a completely different picture:
=> Bitcoin is in a *GIANT* Bull Flag on the Weekly chart! As I'm describing in the video, the pole is perfect, very long, and also the flag is horizontal, which is even stronger than a downward tilted/micro-downtrend Bull Flag.
What does Fibonacci say though?
=> We're perfectly upholding 38,2% retracement since the last bottom: perfectly bullish.
Where can the break-out go?
=> If we project the pole of the current Bull Flag & the body size of the Equilibrium range, we get somewhere between $15-20k. as potential target zone: It is very likely that the bulls will go for All-Time-Highs in this case!
What is the current price action?
=> Does this 4H remind you of something? ;) It is exactly the same price action that we have on the Weekly right now! The only difference is: The bulls are already further on the 4H and have almost broken the Bull Flag to the upside. Gues what the target zone of that breakout will be?
The target zone will be $11,5k: Exactly the tops of the Equilibrium on the Weekly chart.
Conclusion: This is how you can dissect the chart like a Russian Matryoshka, where the 4H is neatlessly flowing over into the Weekly chart! ;) If you wanna learn this stuff, don't hesistate to contact me.
If you had some value from this non-bs, quick on point analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then! Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
You can either watch this analysis or read it, whatever is best for you.
If we start off with looking at the Daily chart, most of my colleagues will be pointing to this Descending Triangle trendline:
While this is perfectly fine, it is an inaccurate information, just when the doctor would look at one layer only at X-ray. Because if we look at the Weekly chart, we will get a completely different picture:
=> Bitcoin is in a *GIANT* Bull Flag on the Weekly chart! As I'm describing in the video, the pole is perfect, very long, and also the flag is horizontal, which is even stronger than a downward tilted/micro-downtrend Bull Flag.
What does Fibonacci say though?
=> We're perfectly upholding 38,2% retracement since the last bottom: perfectly bullish.
Where can the break-out go?
=> If we project the pole of the current Bull Flag & the body size of the Equilibrium range, we get somewhere between $15-20k. as potential target zone: It is very likely that the bulls will go for All-Time-Highs in this case!
What is the current price action?
=> Does this 4H remind you of something? ;) It is exactly the same price action that we have on the Weekly right now! The only difference is: The bulls are already further on the 4H and have almost broken the Bull Flag to the upside. Gues what the target zone of that breakout will be?
The target zone will be $11,5k: Exactly the tops of the Equilibrium on the Weekly chart.
Conclusion: This is how you can dissect the chart like a Russian Matryoshka, where the 4H is neatlessly flowing over into the Weekly chart! ;) If you wanna learn this stuff, don't hesistate to contact me.
If you had some value from this non-bs, quick on point analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then! Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Related publications
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.