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Bullflags_resistance_bitcoin

EGLDUSDT is creating another bullflagThe price created a triple bottom on the 129$ area on the daily timeframe and after the breakout from the weekly resistance (164$ the price had a nice bullish impulse until the daily resistance on 200$ The market is testing the static and the dynamic resistance on that level and non the 4h timeframe the price is creating a bull flag as well How to approach? Th price needs to create a new breakout from the bullflag and static resistance on 203$ and the market needs to satisfy our rules before new long position. According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
BTC Possible 4hr Bull Flag Formation?4hr Chart Observations : Immediate resistance $4841.44 Immediate support $4618 Possible bull flag formation, if $4841.44 is breached. Profit taken target at 5.0k to 5.5k Keep eye on exponentials to act as possible support. Analisys: Seems as if the 4hr chart is forming a bull flag, price is currently trading between the dotted lines close to the high of the day possibly opening the door for another leg up. Volume is declining while still holding the majority of the gains from the move seen yesterday as RSI starts to cool off. Per technical analysis you want to see a decline in volume as the flag forms and support is found, before the next leg up. Possible plays: 1. Wait for the 1hr exponentials to be lost, zoom out to the 4hr and wait till the price meets the 4hr exponentials, keeping an eye for possible 15min RSI oversold levels to mark a possible entry (green box in my opinion) 2. Wait for a break of $4841.44 to enter a position with a profit target between 5k & 5.5k Sentiment: Long term : Bullish Short term: Neutral Disclosure: I am in no way shape of form qualified to give any financial advise, this are simply my ideas and my personal observations. I believe that the best way to learn is to put your thoughts out there and hopefully learn from those that have been doing this for a long time, having said that please feel free and call me out in any mistakes, or things that I am overlooking.. Constructive criticism is very much welcomed, no better way than learning as a community.
Long
by jemk88
Resistance turns SUPPORT - BITCOINAhoy Traders! I keep this chart simple. We can see that the downtrend line(s, depending if you favour closing prices or not) that have been acting as resistance ever since the all time high are starting to be incrementally respected as support. From the initial fake out that sent the market to the recent decline towards the 9200ish area, we're now seeing the third attempt to meaningfully break the prevailing downtrend. This time around, however, it appears to me that the market starts to consider this trendline as a level of support after the most recent break above. These are iffy candles that are still marked by the scepticism one can expect after months of bears calling the shots, and the scare of a fake out during the previous attempt. Let me be clear here. I believe we could see the turning point here. We're seeing less vicious selling pressure now, even when prices start to slighlty retreat. This appears to be in contrast to the action during the fake out seen before, which bulltrapped those that bought into the fake out, and thus entailed comprehensive and relentless selling pressure. TWO bull flags have now formed after solid volume pushes. The break of the current bullflag would signal to me that the bears have been eventually exhausted. Good luck in your decisions, and trade with care! moontumble
BITFINEX:BTCUSDLong
by moontumble
Fud bye bye - BTC Bull Flag?I know RSI is overbought on multiple timeframes, but as you can see from the past that doesn't mean it's the mother of all tops! FUD is ripe these days, and the perma-bears promise doom and gloom. That's fair enough, but I say Bitcoin arise! I'm pondering on a bull flag in formation with price to advance to 6500, short lived resistance and then to 10k. Absolutely no trading advice, this is for posterity, ensure your own due dilligence. Happy trading
BITFINEX:BTCUSDLong
by moontumble