Comparing Bull Flag Bitcoin, Part 2
Updated
The fractal played out perfectly, with the break up. The big question in my previous analysis was, will the break up be a bull trap or a real breakout. I wasn't around yesterday to watch the market closely, but after i saw the first push up to 8480/20, i posted the following update in my public channel: So far so good. Not a basic short squeeze, which is good. Still no guarantees, but with a short squeeze it’s more like 45-55 in favour of bears. Now i see it like 60/40 for bulls. . Want to see 8340/50ish hold from now on
I can't post the chart i posted there too, but it's not that important though.
When looking at both flags, we can see the current breakout is much more convincing and bigger than the one on the left. Maybe even more important fact, is the volume being much higher.
At the moment i can see that the 8500/8450 is an important level that bulls need to defend from now on. In theory we can drop to even 8100/200, but it becomes more of a guessing game then. Bulls have been pushing a lot since the lows 2 weeks ago and with this (ugly) bull flag and breakout, i think we need to assume they should keep a similar speed to reach 9K prices. So in other words, think a correction towards 8100/200, will most likely kill that speed. So it could still act as support and then still rally up to 9K, but i think it will become less likely then. That's why i think we need to see 8400/500 hold from now on.
The blue line is an assumption/example of the ideal version from the bulls, thinking if we get another push up, we could see another big correction in time
Previous analysis:
I can't post the chart i posted there too, but it's not that important though.
When looking at both flags, we can see the current breakout is much more convincing and bigger than the one on the left. Maybe even more important fact, is the volume being much higher.
At the moment i can see that the 8500/8450 is an important level that bulls need to defend from now on. In theory we can drop to even 8100/200, but it becomes more of a guessing game then. Bulls have been pushing a lot since the lows 2 weeks ago and with this (ugly) bull flag and breakout, i think we need to assume they should keep a similar speed to reach 9K prices. So in other words, think a correction towards 8100/200, will most likely kill that speed. So it could still act as support and then still rally up to 9K, but i think it will become less likely then. That's why i think we need to see 8400/500 hold from now on.
The blue line is an assumption/example of the ideal version from the bulls, thinking if we get another push up, we could see another big correction in time
Previous analysis:
Note
I still cant find the update button on the TV mobile version to post updates, prob because i am amateur hour :). I posted an update in my public channel few hours ago, saying that we could be in the correctional phase as i have tried to show with the blue line above. We made a new high, only minimal but can see volume has been dropping. While writing this, we made a 200 point drop already, but that is NOT a consolidation.
8700ish, seems to be an important level now. If we stay above it, we could see another attempt from the bulls. If it breaks, i think we can move inside the 8500/8900 coming days, meaning the consolidation has prob started
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.