Bitcoin Bull Flag Target 22.000
Updated
Bit more than a week ago, i talked about a possible low being set in the 16K's. But as always i first assume the turn around is a temporarily move, at all possible highs and lows. So not knowing what it will do upfront, whether in this case it would go to lets say 18K and dump another 2K and then continue up or that it will simply continue the uptrend straight away.
As we can see now, the move up was very strong from the 16K's, even making a new high, but still not able to break the ATH though. What i see in the chart now and makes most sense, is the bull flag as we can see on the left. This because the rally from the 16.5K to the 19.7K was pretty strong and convincing, especially after that big drop the days before this rally.
In combination with:
The dropping volume inside this bull flag
The movement inside the flag being correctional compared to the move from 16.5 to 19.7
Second attempt in 2 weeks trying to break the ATH around 20K, so bulls still have the strength to keep it close to the resistance.
At the moment, i have no real reason to be bearish. As mentioned past days, the 18.000/200 has to hold AND bulls need to touch the 19.500. If that level can be touched, i do expect an attempt to break last weeks high and normally should see the 20K break as well.
On the right, we can see that when zooming in on a lower time frame, it seems that the bull flag already broke. It also means that bulls need to keep it above that green zone around 19.200. Below that level we have a support around 18.900. If that breaks, we could see a drop like the red line. Which is bullish, but does mean the 18Kish has to hold, but i find some of the alts i look at a bit disappointing. Now we have seen in the past, Bitcoin does a one man show often, so doesn't necessarily mean it's be a bad thing, but can't say it's bullish though.
Now obviously would be easiest for the bulls to hold the 19.200/250 coming hours. Think an hourly candle close above 19.400 would be a small win for the bulls to start with.
Since the 20Kish is a huge level in this market, i think it's necessary to see a big strong breakout rally if the 19.500/20.000 breaks. So with anything very slow, my advice would be to be cautious. In case we do see a strong breakout, big volume and the first move towards the 20.500 or so, i think it will be a matter of time until the target close to 22K will get reached.
A break of 18Kish, don't really know yet what could happen, but think a drop towards 17K could easily happen. As long as we don't see an extreme move/dump, as mentioned more often past weeks, i think the trend remains bullish.
So exciting times for most i think, since many have waited almost 3 years for these prices and to finally see that 20K break.
Please don't forget to like if you appreciate this :)
Previous analysis:
As we can see now, the move up was very strong from the 16K's, even making a new high, but still not able to break the ATH though. What i see in the chart now and makes most sense, is the bull flag as we can see on the left. This because the rally from the 16.5K to the 19.7K was pretty strong and convincing, especially after that big drop the days before this rally.
In combination with:
The dropping volume inside this bull flag
The movement inside the flag being correctional compared to the move from 16.5 to 19.7
Second attempt in 2 weeks trying to break the ATH around 20K, so bulls still have the strength to keep it close to the resistance.
At the moment, i have no real reason to be bearish. As mentioned past days, the 18.000/200 has to hold AND bulls need to touch the 19.500. If that level can be touched, i do expect an attempt to break last weeks high and normally should see the 20K break as well.
On the right, we can see that when zooming in on a lower time frame, it seems that the bull flag already broke. It also means that bulls need to keep it above that green zone around 19.200. Below that level we have a support around 18.900. If that breaks, we could see a drop like the red line. Which is bullish, but does mean the 18Kish has to hold, but i find some of the alts i look at a bit disappointing. Now we have seen in the past, Bitcoin does a one man show often, so doesn't necessarily mean it's be a bad thing, but can't say it's bullish though.
Now obviously would be easiest for the bulls to hold the 19.200/250 coming hours. Think an hourly candle close above 19.400 would be a small win for the bulls to start with.
Since the 20Kish is a huge level in this market, i think it's necessary to see a big strong breakout rally if the 19.500/20.000 breaks. So with anything very slow, my advice would be to be cautious. In case we do see a strong breakout, big volume and the first move towards the 20.500 or so, i think it will be a matter of time until the target close to 22K will get reached.
A break of 18Kish, don't really know yet what could happen, but think a drop towards 17K could easily happen. As long as we don't see an extreme move/dump, as mentioned more often past weeks, i think the trend remains bullish.
So exciting times for most i think, since many have waited almost 3 years for these prices and to finally see that 20K break.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Earlier today i showed a possible wedge being in play, which got formed because the push up was taking too long and which than translated into this wedge you can see below.The tricky part of these types of wedges, it's very hard to say if it reaches the target (18.5), if it goes half way or even less.
For the bulls, it's very important to see the 9150ish break very soon. Key level of this wedge seems to be around 9250, if that breaks the wedge is invalidated and normally should see another attempt of the 19400.
Note
New Bitcoin analysis:
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