Bitcoin 3 flags. Looks overall bearish but signs of bullish.
Updated
This is just for personal tracking. My first post.
Bitcoin is moving more and more from a downtrend to a trading-range.
I see 3 flags right now.
Green flag has an exit point of 4200$. This certainly breaks the longterm trendline and can mean a long bearish market. It also breaks major support at 6000$.
Red/purple flag has an exit point of 5580$. But its also at the spot of support. However it also breaks the long term trendline and major support at 6000$.
Black flag is still in play. It has an exit point of 6400$ which is above major support and could mean a start of a new bull-era.
Earlier black flag (red dot lines) was breached, showing signs BTC is moving into trading-range. However it just came down. If market goes down and out the black flag, the black flag is invalid.
Even though it looks overall bearish I loaded up my BTC bags with the last of my money yesterday at 6600$.
The potential upside is so huge it overweighs the potential downside. Even though the probablity for a lower lower is higher then reaching a higher high.
So by that sentiment I must say Im long since I bought in. Even though I think the probability is higher for a short.
I see a potential 50-60% drop from here. But also a 1000% gain.
Short signals: Looks bearish. Pending market crash incoming. Still not enough blood in the streets
Bullish signals: Many leaders are bullish. BAKKT coming. Possible ETF (though probably not). And many more.
Bitcoin is moving more and more from a downtrend to a trading-range.
I see 3 flags right now.
Green flag has an exit point of 4200$. This certainly breaks the longterm trendline and can mean a long bearish market. It also breaks major support at 6000$.
Red/purple flag has an exit point of 5580$. But its also at the spot of support. However it also breaks the long term trendline and major support at 6000$.
Black flag is still in play. It has an exit point of 6400$ which is above major support and could mean a start of a new bull-era.
Earlier black flag (red dot lines) was breached, showing signs BTC is moving into trading-range. However it just came down. If market goes down and out the black flag, the black flag is invalid.
Even though it looks overall bearish I loaded up my BTC bags with the last of my money yesterday at 6600$.
The potential upside is so huge it overweighs the potential downside. Even though the probablity for a lower lower is higher then reaching a higher high.
So by that sentiment I must say Im long since I bought in. Even though I think the probability is higher for a short.
I see a potential 50-60% drop from here. But also a 1000% gain.
Short signals: Looks bearish. Pending market crash incoming. Still not enough blood in the streets
Bullish signals: Many leaders are bullish. BAKKT coming. Possible ETF (though probably not). And many more.
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Forgot to add:More bullish signal is a very strong 6k support that have failed to breach many times (except for 5800 bear trap) also major trend line is very close. That one should be very strong
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Looks like bull trap so far.Comment
Was a bull trap.hiwever both green and red triangle is breached to the upside.Fidelity also Launched their idea for a crypto platform.
If I had more money I would buy more at this level.
Looks more bullish now
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Hello log. Price is now outside of the black triangle which I believe will indicate a move to the upside.
More and more coins like BCH, ETH and even BTC have seen big pumps lately which means volume is slowly starting to move in.
BAKKT is opening on NOV 15th which is big. NOV 15th was also the date last year which it started to take off.
Contrary: volume is still low and the movement is basically just sideways if we look away from the big bull trap.
I definitely feel more bullish but I still have bearish emotions left.
Anyhow I think its ok in the long term even if we hit 3K first.
Will suck, but thats the game. I really believe we can do 100k$ realistically.
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