Bull Flag? Is this the sign of the start of a trend reversal?
Updated
Last weeks Tether FUD caused Bitcoin to spike in both volume and price however the price was rejected at the $6680 level and $6790 our first and second resistance line respectively. Now it can be seen that a bull flag forming. As the 30 and 50 MA start to converge it is a great place to break out and retest our resistance lines.
The key influence at this moment will be volume. If volume does not increase we will not have enough momentum to breakout and will go back down and retest our support zone.
The key influence at this moment will be volume. If volume does not increase we will not have enough momentum to breakout and will go back down and retest our support zone.
Note
we are slowly reaching the descending triangle and should see some price action with in the next day or 2Note
As can be seen BTC is trading side ways. This means that most of the market is waiting for a move before picking back up in volatility, which clearly is reflected by the low volume.Note
Bitcoin has broken out down wards as we start to re-approach our last support zone. If this support fails bitcoin will likely fall further and test the the current bottom of the bear market.
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