BitcoinLong
BTC/USD (Bull Flag & Double Bottom) Bitcoin
Updated
1 hour on the left 2 hour on the right but you can see it forming up to 3hr. 3hr MACD crossed 4hr getting close, EMA 5/10 looking good on almost all time scales, riding above 50 MA again, DMI (ADX) turned bullish & possible double bottom.. Price seems to be consolidating 10400 - 10700. I would expect a good sized leg up if this breaks 10700.
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Bull flag confirmed and my first target was reached. I'm still holding as I would be very surprised if this didn't make an attempt at new ATH. We now have 4hr and 6hr MACD cross, OBV going bullish, well with in BTC's range of not being overbought short/medium term and costing along well with in Bbands.Appears to be consolidating once again but this time with in a rising wedge. I'm not really concerned about the wedge for two reasons. First BTC broke up out its previous rising wedge and secondly all other TA indicators are very bullish.
All this coupled with confirmation of CME/NASDAQ approval I would say things look positive.
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Possible Large Bull FlagI'm going to say the wedge pattern posted above has been invalidated. BTC broke support of the "wedge" but we didn't experience nearly the drop one would expect. I believe we are still consolidating in the 10700 - 11100 range. Looking at the first bull flag I published for this trade and comparing it to the current situation, it appears BTC could be building a very large bull flag on the 6hr. As of right now all TA indicators I previously mentioned still look bullish.
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Flag was validated again, I will post my continuation thoughts here in a couple hours.Trade closed: target reached
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