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Bullflags

Does technical analysis still work on Bitcoin?🔸 I'm continuing my experiment. That time I'll try to figure out which tools of classical technical analysis are still working on Bitcoin. 🔸 In my last idea, I considered trendlines from which price periodically deviates to take liquidity: 📈 This time, my attention was drawn to the downward channel on BTC, which perfectly fits "bullish flag" pattern - continuation trend figure. ⚡️ According to the rules, after consolidation in the channel, price must break through the upper border of the flag and cover distance equal to the price movement before forming the pattern. ☝🏻 I don't use this pattern in my trading strategy. Just analyzing statistics of successful ones.
BYBIT:BTCUSD.PLong
by killzonemaster
3
Weekly BTC/USD sell-offs topping off at the 10K - 11K region.After consolidating in a symetirical triangle (begining week of 24 Jun '19 to the break down week of 23 Sep '19) and falling -30% during a 4 week period, there were 3 more dumps. 21 Oct '19 thru 18 Nov '19 (-34%) 10 Feb '20 thru 09 Mar '20 (-62%) 01 Jun '20 thru 29 Jun '20 (-15%). (The -62% drop IMO would have been closer to a -30% drop if Covid-19 were not a factor). This leads me to believe the trend of sell-off's has smaller percentages of downside action. Price action alone looks to be bulllish, with the majority of closes above the $9K in the past 50 days. This sideways consolidation in price is what bulls are looking for. Of course we would like to buy some BTC around 7K or 6K but the bears are loosing steam. Buyers will step in during Q3. Bitcoin has closed above the 21/50/100 week SMA since 27 Apr '20. However the 21 SMA is below the 50 currently. A break of the 50 sends BTC/USD to $8.5 area. Bad news could drive a wick down to $5.3K. I look for strong support at $6.3K on the monthly. The EMA Ribbon is slightly bullish, the MAC D looks bullish, the RSI is neutral at 55.00 and the Stock RSI is gaining momentum to the down side. A -25% drop in the comming weeks? an inverted head and sholders could start to take form. BTC daily volume has been consoludating in the 15B - 25B range for weeks, and has recently dropped to 12B witch is the lowest daily Volume since 13 Oct '19. (Volume in this market is too hard to gauage) But I know full well that when BTC is trading with low volume..... BOOM! big up or big down. There's a potential Bull flag on the monthly. If it plays out a quick test of the $13.5K region is very likely. Down the line when the stock markets finally crash new $ will enter the crypto space. There are too many projects showing success with real use cases and partnerships. Countries, banks and large business are just now realizing the benefits of blockchain.
BITSTAMP:BTCUSDLong
by JasJas
Bitcoin in a Bull flag!Hey, I am back with another Crypto idea, looking at Bitcoin. So Bitcoin has been going sideways for the past week, in a slight uptrend. Currently is Bitcoin in a bull flag, from where it looks like it's breaking out now by breaking the bull flag downtrend line. The target of this one hour bull flag is $9,400, rest of the cryptomarket should be bullish too, as Bitcoin looks bullish. Make sure follow me, in order to not miss out on my trading ideas. Each Like is very much appreciated! 🙌 If you have any questions, feel free to ask via dm or down in comments.
BITSTAMP:BTCUSDLong
by TiborVrbovsky
1
DE Bull Flag Breakout NYSE:DE is a ticker I have kept my eye on for a little now. It fell into sideways movement after maintaining a strong bullish trend. It formed a bull flag and broke out of the upper bound at the close of the 6.25 session. This is a strong breakout signal supported by a MACD crossover underneath the zero line. This, along with analyst price target upgrade to 165, involvement in agriculture sector that reaps benefit from the recent China Phase 2 deal, and potential 2 trillion dollar infrastructure aid, makes me believe that we may enter a strong bullish trend from this breakout. Keep your eyes peeled
NYSE:DELong
by BullsEyeView
2
Mapletree Logistics Trust - breaking out of Bull FlagAfter hitting a high of 2.09 on 1st June, MLT has been consolidating in the past 2 weeks and forming a Bull Flag. The low was in place @ 1.84 (horizontal and 38% fib retracement support there). It broke out of this Bull Flag @ 1.94 today and looks set to resume it's uptrend in the coming days. Expecting a retest of 2.08 although whether it could break this level in the near term remains to be seen Long @ 1.95 with initial stop @1.89. Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
SGX:M44ULong
by Juliac
Micro Bull Flag inside of a Macro Ascending Triangle?It appears as though Ethereum is reaching a point of no return, only time will tell. Bullish flag formations are found in stocks with strong uptrends. They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation. The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend. Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle. The shape of the flag is not as important as the underlying psychology behind the pattern. Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get. The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole. It is important to note that these patterns work the same in reverse and are known as bear flags and pennants. An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming. Notice a divergence on the RSI?
COINBASE:ETHUSD
by ScotianBot
3
EURCAD 1D BULL FLAG LONG TRADEBull Flags are ranges that are repeatable trading chart patterns. Bull Flag Range chart patterns will have a directional bias depending on the previous incoming trend. Each chart pattern will have defining trendlines of the support/resistance levels creating the pattern. Whatever time frame you are trading this chart pattern, wait for a candle close outside of the trendline in the direction of the breakout candle. (Our time frame preference is the Daily chart). Add volume indicator - Volume is the amount of $ that went into a particular candle or in Forex the # of trades that took place. Add ATR indicator - Volatility is the amount of price movement that occurred. Use the ATR to measure the price movement. When you see descending Volume bars and descending ATR line (which indicates volatility) this shows a dis-interest in traders to invest in this pair creating consolidation which creates the chart pattern. Trade Management after there is a breakout candle close. 1 - Position size (compare volume bar to volume ma line). a - Breakout candle must be 100% of average volume for a full position size. b - If 75% of average volume then ½ position size. (To find 75% of Volume look at the charts volume settings – divide smaller # into larger # = 75%+) 2 - Enter two trades. 3 - SL for both trades will be 1.5 x ATR. 4 - 1st trade TP will be 1 x ATR. 5 - No TP on 2nd trade – letting profit run and adjusting SL to follow price. 6 - When 1st TP hit – move 2nd trade SL to breakeven. 7 - Adjust the 2nd trade SL to follow price. *8 – After Breakout candle – if price closes back into chart pattern close trade *9 - When breakout candle is more than 1 ATR from breakout candle open. a - Enter 1st trade at candle close with ½ position size. b - Enter 2nd trade with a pending limit order that is 1 ATR of breakout candle open. c – Price should pullback to that pending limit order for 2nd trade. d – If Price returns back into chart pattern close trade before SL is hit.
Long
by Tradingstrategyguides
1