BitcoinLong
BTC USD Flag Pattern, LONG
BTC USD is moving up, but still has not really tested the resistance at $ 11.440,-. The strong leg out indicates there is some good bull power and the starting point of this legout creates a new demand area.
My opinion is that the price will bounce back to this area ($9500,-) and even might pull back tot the upwards trendline ($9300,-/9400,-). That means there will be time and space which will give nice options to step in. Until the end of June the price can move between this flag, but the space will be smaller and smaller, which will make a breakout more and more likely. Down or up, both is possible, but because its on the daily and 4H chart moving in an uptrend, a bullish breakout is more likely.
Even if the price will break out of the resistance of $10440,- with a good bullisch candle, it's very likely it will have a pull back to the resistance area and from that point he will jump. That retest of the resistance area, will give the confirmation that the restistance area is changed in a support area and the move will be bullish.
Good luck!
My opinion is that the price will bounce back to this area ($9500,-) and even might pull back tot the upwards trendline ($9300,-/9400,-). That means there will be time and space which will give nice options to step in. Until the end of June the price can move between this flag, but the space will be smaller and smaller, which will make a breakout more and more likely. Down or up, both is possible, but because its on the daily and 4H chart moving in an uptrend, a bullish breakout is more likely.
Even if the price will break out of the resistance of $10440,- with a good bullisch candle, it's very likely it will have a pull back to the resistance area and from that point he will jump. That retest of the resistance area, will give the confirmation that the restistance area is changed in a support area and the move will be bullish.
Good luck!
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