BTC Bull Flag
Updated
Here's my BTC / USD long idea. Zooming out at the 4 hr or daily chart, you can see clear bull flag which simply shows a consolidation period after a fairly aggressive jump in price before the next run up. We will find out if this pattern is confirmed or not by July 10 or 11th at the latest. A break below the bottom trend-line would signal further lows, however, a close (not just a break) above the top trend-line would confirm the pattern and a continued move up would be very likely. I have to note, yesterday we saw a break above the original top trend-line that had me convinced the correction was over but it has since dropped back down.
The StochRSI is losing team on the 4 hr chart and is signaling further lows. The daily chart is very oversold but a bearish trend can easily continue while the StochRSI is bottomed out.
In the very short-term, I see prices dropping a bit more. Likely below $11,000 but no lower than $10,300 if it reaches that low at all. Overall, I expect to see another larger bull-run here in the next few days if the bull-flag is confirmed.
The StochRSI is losing team on the 4 hr chart and is signaling further lows. The daily chart is very oversold but a bearish trend can easily continue while the StochRSI is bottomed out.
In the very short-term, I see prices dropping a bit more. Likely below $11,000 but no lower than $10,300 if it reaches that low at all. Overall, I expect to see another larger bull-run here in the next few days if the bull-flag is confirmed.
Note
BTC has officially broken upward and appears to have confirmed the bull-flag pattern. The price didn't drop nearly as much as others, including myself, expected so I would recommend keeping your stop-losses fairly tight. Especially once we start hitting the $12,500 and $13,800 resistances. Passing up those price points would confirm the road to 16k +
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.