Long

Bitcoin Bull-flag and Buy zone

Updated

In this chart you will see that I have drawn out what looks to be a potential bull flag for bitcoin's Daily chart. Taking a look at the bottom of the red bull-flag, you will see it indicates that around $7,500 would be the very bottom. Considering that this is now the second major swing high failure, we will most likely see a bigger move towards the downside for the mid-term. The $7,500 zone is also confluence with the golden pocket fib area from the $3,200-13,800 parabolic movement (see additional chart:

). Laddering buys within this $8500-7500 range is, in my opinion, a safe bet. there is always a chance we see a quick trend change and swing low failure from $10,800, or a potential triple bottom from the $9,100. But going strictly based off of what I have drawn, I believe the golden pocket will be the reloading area before we test new highs for 2019. In order to showcase my thoughts exactly, I have drawn a cringe Blue squiggly line.

If you enjoyed this analysis, and/or like cookies, be sure to give me a thumbs up and follow for more content. (:

Note

Update 1: Too early to say for sure, but it looks like we are seeing a stronger push towards the downside as i expected after losing the .236 and closing below. Still a chance we resume bullishness at our 10.2k-9.8k major support before 8.5k region becomes realistic. But, keep in mind that ranges are weaker once they are broken out of previously and re-entered for the second time. I remind you of this because if we do see 9.8k and fall below and close into the 9.8k-9k range we were just in, we WILL fall through the bottom of it. I would not be placing any bets on a triple bottom in this particular case due to the circumstances.

TLDR: look for a bounce in the 10.2k-9.8k region, if we don't get one start laddering bids at 8.7k-7.4

Note

Update 2: buyzone hit. Let’s see if it will fill all of our entries or if we’re off to the races

Note

Main target = hit :)

Note

I called it. :) only person on tradingview that predicted 7.4k and 14k within the same month of October. We haven’t reached 14k yet, but a great call nonetheless ;)

CookieMonsta

Also on:

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.