Bitcoin Daily Bull Flag | $21,000+ Possible Now Within Days!We have a bull flag for Bitcoin on the daily timeframe.
8 Days of consolidation after the 30-November breakout.
Yesterday BTCUSD closed below EMA10/EMA21 just to recover today.
A simple shakeout within the bull flag consolidation.
First, we have the early November drop/crash.
This is a followed by a 3 drop pattern which normally indicates a support level forming.
Then the Altcoins start moving ahead after printing similar price action.
In late November bitcoin recovers above EMA10 and enters bullish consolidation.
Now, early/still weak as there is no volume, we see an initial breakout of the consolidation box/bull flag pattern.
This can all lead to higher prices.
Daily candle closes within 1 hour.
The immediate resistance is set at the $17,435 - $17,750 price range.
This range coincides with EMA50.
Above EMA50 bitcoin can easily continue higher and hit the low $19,000s but first the immediate resistance needs to be taken out.
All the signals since late November are pointing to a correction upwards.
Full confirmation should happen within days.
We can see this move developing easily above $20,000 based on the overall market action and the extreme negative sentiment all across.
The stronger the negativity, the higher the chances that prices go up.
See the comments section, the strong reactions to any bullish trade idea and this gives you a clue.
When one side becomes too complacent or nasty, it means that wave is reaching its end.
They don't know it themselves but the reaction is part of the market sentiment.
If everybody would be extra confident at new highs, then the possibilities increase for a drop.
When everybody is extremely nasty at new lows, it increases the possibilities of a price jump.
$16,700 is the immediate support.
Things can always change.
The strongest positive signal we have comes from the Altcoins.
Let me know what you think...
Does it look better now, is it more clear?
Because people doubt with just one day of little red.
But this December we go up... If just for the fun of it, for variety, for change.
Namaste.
