Updated

Bull flag, Ascending Triangle within Ascending Triangle

Too many updates on my last analysis, so created this new one. All is going to plan if you have been following me.

We now have a green bull flag to support the smaller yellow ascending triangle and large pink ascending triangle. We have the red CME gap to close above, and a subsequent retest of the long term purple down trend channel is likely. Will update more as we go along!

Note: As we are long til top (atleast 8550) then short til bottom - have marked as neutral.

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We are now in a position where the next leg up can clear the RED CME gap without running into the white resistance line. Expecting the leg up to come soon.

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Also, we might again wick to the 55 EMA / 50 MA at around 8150 before heading up. So if your not already in a position, set buys around 8100-8150 to catch the move up.

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Nice cup and handle to support a move up to our target 8550-8600:

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Red CME gap closed. I think we will now range for a couple days below the white resistance line before finally breaking through and hitting the major long term resistance down trend channel line (purple). This is the very top and represents the ideal short opportunity. It is likely we will only touch it once as well, so ensure your short orders are in.

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Note: We won't necessarily touch the top again, however given it has taken us a while to build up enough momentum to clear the RED CME gap it would make sense to atleast reconfirm the top as the top. It will probably occur by the weekly candle close.

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Bull flag target reached. Looking for a retrace to 8550-8600 levels before the final push up.

Trade closed: target reached

Butcher_of_Bitmex

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