Bitcoin - Explosive breakout, watch this bull flag!
Updated
- Bitcoin is forming a bullish flag pattern or a wedge pattern on the daily chart, and that's why we can expect an explosive breakout in the immediate short term! The question is, when is it going to be? I would say this or next week, because the price could still touch the upward yellow trendline. But the decision will be very soon!
- Bitcoin is bullish because the price is above the yellow trendline and above the 200-day simple moving average. They are pretty close to each other. This moving average is considered strong support / resistance by huge institutions and hedge funds. It can also be a 200-week MA or a 200-month MA. They are pretty good.
- The target of this bullish flag / wedge is the white trendline. Make sure you take profit here because we could crash from this point!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Usually September is a bearish month, but we still have almost a month. Bitcoin usually pumps in 1-3 straight candles when no one is expecting it. It can be really fast!
- XRP also reached a strong support that can send it to higher prices, specifically 1.7 USDT per coin. It's a good time to buy it!
- I remain bullish on BTC, but on the intraday chart, we could still have some imbalance and wicks to take liquidity before going to 32k. Let me know in the comment section what you think about BTC. I look forward to your comments!
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
The wedge pattern is breaking out, which is a good sign, but the price is still inside this symmetrical triangle. This can halt the price, but I am bullish overall.Note
Instead of a symmetrical triangle, Bitcoin has formed an ascending parallel channel. Now the bulls need to break it to continue in the uptrend.
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