BitcoinUpdated Bitcoin Eventual Breakout
It looks like Bitcoin will continue to play within this flag formation, from there it will break out. End of September should tell us where Bitcoin is going. Bitcoin should continue upward unless there are some external influences that turn it down.
Note
The plunge of today was blamed on the Fed Powell anti-crypto comments but, this is simply not true. Comments from a centralized source against a decentralized source should be a good thing, not a bad thing. The real reason Bitcoin fell is because it is still playing within the flag. It could not break $11,000 and fell from there. As you see the flag forming, is as it should play out.The only external influence that can impact crypto is if Western governments start banning bitcoin in America/Europe and halting exchanges. This would have an exceptional impact, but, as of now this doesn't look to be the case.
Note
Has bitcoin made its statement? Are we looking at $7,000? $8,000? Watch out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.