BTCUSD - Is BITCOIN trading in a real bull-flag or a fake one?!
Updated
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Hello traders investors and community. There are some interesting things going on with BTCUSD which I discuss with you today.
As it fell below support the last days and seems to recover we have to look on the chart for further details in the analysis which will determine bitcoins future price action. Lets go!
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In my chart, you can see that BTCUSD is trading on a huge parallel channel. Which is technically and theoretically a bull-flag. A pattern that normally breaks to the up-side.
However, this can also be a fake one, a channel that can break to the downside, you can see these types of channels in smaller time-frames.
The pattern has to be confirmed with a break-out to the upside to make sure that it is a real bull-flag.
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As BTCUSD is trading below support now I expect a rally to the 8000 USD range, where we will likely get a pull-back as you can see marked in my chart.
Technically these types of the pattern break to the up-side, however, this would be the best scenario for many people, there is also a scenario for more downside as BTCUSD is trading
at the moment right now below support and made some bearish moves the last weeks this can continue with BTC rising and falling back again.
As you can see it happened after this massive bull move with high volume and momentum, it can continue like that.
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For now, we have to see for more bullish or bearish signs the next days and weeks, I consider the bullish scenario more likely with a 70 % probability and the bearish 30 %.
I know that many people want to believe in the bull market continuation but we have to watch rationally and logically for technical signs to confirm this scenario.
__________________________________________________________________________________________________________________________________________________________________
have a good day and good trading profit! Thanks for watching! For more market insight feel free to follow! ;)
Information provided is only educational and should not be used to take action in the markets!
__________________________________________________________________________________________________________________________________________________________________
Hello traders investors and community. There are some interesting things going on with BTCUSD which I discuss with you today.
As it fell below support the last days and seems to recover we have to look on the chart for further details in the analysis which will determine bitcoins future price action. Lets go!
__________________________________________________________________________________________________________________________________________________________________
In my chart, you can see that BTCUSD is trading on a huge parallel channel. Which is technically and theoretically a bull-flag. A pattern that normally breaks to the up-side.
However, this can also be a fake one, a channel that can break to the downside, you can see these types of channels in smaller time-frames.
The pattern has to be confirmed with a break-out to the upside to make sure that it is a real bull-flag.
__________________________________________________________________________________________________________________________________________________________________
As BTCUSD is trading below support now I expect a rally to the 8000 USD range, where we will likely get a pull-back as you can see marked in my chart.
Technically these types of the pattern break to the up-side, however, this would be the best scenario for many people, there is also a scenario for more downside as BTCUSD is trading
at the moment right now below support and made some bearish moves the last weeks this can continue with BTC rising and falling back again.
As you can see it happened after this massive bull move with high volume and momentum, it can continue like that.
__________________________________________________________________________________________________________________________________________________________________
For now, we have to see for more bullish or bearish signs the next days and weeks, I consider the bullish scenario more likely with a 70 % probability and the bearish 30 %.
I know that many people want to believe in the bull market continuation but we have to watch rationally and logically for technical signs to confirm this scenario.
__________________________________________________________________________________________________________________________________________________________________
have a good day and good trading profit! Thanks for watching! For more market insight feel free to follow! ;)
Information provided is only educational and should not be used to take action in the markets!
__________________________________________________________________________________________________________________________________________________________________
Note
BTCUSD touched lower line of bull-flagNote
As described in the analysisNote
We will see if we can hold this level, break out bullish or fall below bearishNote
Information provided is only educational and should not be used to take action in markets.Note
ANALYSIS UPDATE: BITCOIN had the great potential to emerge with the enduring descending triangle forming meaningful range stabilizations before the volatility tightened setting up the final reversal breakout.Once the final reversal breakout emerged the further determinations have gone as mentioned and BITCOIN reached all of the important support zones within the schedule.
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