BitcoinLong
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 +
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