BTCUSDT BULLSIH FLAG PATTERN
Updated
BTCUSD weekly chart shows a bullish flag was formed and the price did not close below the 50 EMA .price formed a weekly candle with long wick and managed to close inside the channel and above 50 EMA which indicate that a strong bullish momentum was started followed by the bearish indecision candle due to market fear and greed's and uncertainty but its low was not below the 50% of the previous week. The the next weekly candle was showing strong bullish momentum again but the price is still below the POC and upper channel trend line and MFI is below the 50 level.
If the price closes above 64628 and able to continue that for next seven days and as long as monthly MFI is above 50 level we will have a monthly bullish candle as a confluence.
On a weekly chart , if the price manages to break up above the POC and the channel while MFI is above the 50 level then the uptrend will continues strongly . 21/50/100/200 EMA's shows that the bullish momentum is increasing .
Upper Fib extension levels can be used as price target after breakout .
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If the price closes above 64628 and able to continue that for next seven days and as long as monthly MFI is above 50 level we will have a monthly bullish candle as a confluence.
On a weekly chart , if the price manages to break up above the POC and the channel while MFI is above the 50 level then the uptrend will continues strongly . 21/50/100/200 EMA's shows that the bullish momentum is increasing .
Upper Fib extension levels can be used as price target after breakout .
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Note
Monthly candle closed red but MFI still above the 50 level and price still inside the channel .
If the weekly candle closes below the VAL level then the next possible support area is the 50EMA + lower channel line / 51755 .Weekly MFI showing strong bearish signal below 50 level.
21/50/100/200 EMA are all showing bullish trend and since the price for the past 5 weeks candles closed below the 21 EMA it started pointing horizontally which suggest a weak bullish sentiment for the short term.
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Note
BTCUSDT price reached the target at the lower channel trendline. The weekly candle closed bearish but the price still inside the channel and it managed to close above the 50 EMA. The 21/50/100/200 EMA's still showing a bullish trend . if price breakdown the previous weekly candle at 52550 and the lower channel trendline , then the next possible support is at the 100 EMA and the 78.6% fib level at 46092.Weekly MFI still shows a strong bearish signal below 50 level.
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Note
A weekly candle closed bullish and it's high broke the previous week high. Price reached the VAL and closed above it thus a high probability to reach the upper channel trendline and POC at 67k .
Weekly MFI started to point up which indicate a possible shift in momentum but it is still below the 50 level .
Price again failed to close below the 50 EMA and all EMA are bullish but since MFI still below the 50 level price still in a weak uptrend .
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Trade active
Weekly price closed above POC and the EMA 21 is starting to point upward. MFI is pointing upward but it is still below 50 level . The next resistance level is the red channel trendline and VAH . The current up trend is still weak as long as MFI below 50 level .
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quick update
MFI is above 50 level , strong bullish momentum
Trade active
MFI still above the 50 Level , heading into the VAH +channel trendline Trade active
Weekly MFI is bullish pointing upward and above the 50 level but the daily MFI is overbought above 80 level , price need a correction and support is at at the daily POC (63065) or strong support level at 62835 .
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Trade active
MFI still above 50 level == bullish and next support is at 61427Trade active
MFI pointing upward and above 50 level === next resistance as 70kTrade active
Weekly MFI started pointing downward but still above the 50 level which suggest a minor pullback . Price managed to reached he upper trendline and next resistance is the 70k.Trade closed: target reached
Target reached , the next resistance level is 98800
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Note
Weekly MFI is still below 80 level and turned flat and the current weekly candle formed an inside candle ,possible sideways and high volatility trading. BTC still is a strong bullish trend and the next resistance target is 98800.
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