Bitcoin Bullish With Ascending Triangle and Futures Gap
Bitcoin on the short time frame is forming a bull flag, which is typically a bullish formation and continuation of the uptrend.
We need to see confirmation with strong volume to break upwards from the triangle.
RISING WEDGE
We are still seeing the rising wedge pattern play out with perfection if you measure from the wicks.
If you are not in the Bitcoin trade, the R/R isn't there yet as there are a few bearish indicators and signs of being overbought.
POSSIBLY ENTRY
We are still looking for a potential entry around the support line of the rising wedge if it breaks down.
SHORTS VS LONGS
The shorts vs longs situations has changed dramatically in the past several days as shorts are quickly closing their positions as price has steadily climbed.
I still see a move to the upside at the 2nd gap in the futures market as I had noted on my previous analysis.
We need to see confirmation with strong volume to break upwards from the triangle.
RISING WEDGE
We are still seeing the rising wedge pattern play out with perfection if you measure from the wicks.
If you are not in the Bitcoin trade, the R/R isn't there yet as there are a few bearish indicators and signs of being overbought.
POSSIBLY ENTRY
We are still looking for a potential entry around the support line of the rising wedge if it breaks down.
SHORTS VS LONGS
The shorts vs longs situations has changed dramatically in the past several days as shorts are quickly closing their positions as price has steadily climbed.
I still see a move to the upside at the 2nd gap in the futures market as I had noted on my previous analysis.
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