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Eyeing breakout levelThe price action has formed a bullish flag pattern (Weekly), with the current levels reaching a critical Fibonacci retracement zone. After a sideways trend within the flag, I'm eyeing a potential breakout . A confirmed break of the flag pattern could lead to a continuation move, targeting the clone area of the rectangle box in shortTerm & clone area of a flag pol in medium to longTerm, indicating further upside potential. The pattern may also resemble a triangle formation for the short term, which reinforces the likelihood of an upcoming bullish breakout. I also mentioned my 2nd chunk of buy if it breaks down & reach the level of . Note: I know, I'm not good in drawing :-D Anyhow, I'm still learning, so if you have any suggestions for improvements, Please let me know, I’d appreciate your feedback. Thank you! #PTL #GTYR
PSX:PTL
by PSX_Learner
BTC Testing Bull Flag Resistance at $68,000Market Overview: Bitcoin (BTC) is currently testing the upper resistance level of its bull flag formation around $68,000. Recent price action shows a higher high compared to the previous highs from late September and August, confirming a bullish trend on higher time frames. Key Levels to Watch: Resistance: $68,000 (bull flag top) Target: $70,000 (next psychological level) Outlook: Given the upward momentum, BTC is likely to consolidate in the $68,000 range for a few days before attempting a breakout. A successful move above this resistance could pave the way for a test of the $70,000 level. #BTC #Bitcoin #PriceAnalysis #BullFlag #CryptoMarket
BITSTAMP:BTCUSD
by Richtv_official
How to Identify and Trade Flag Patterns EffectivelyThe flag pattern is one of the most effective trading setups in the crypto market, known for its reliability and high probability of continuation in trending markets. Here’s a detailed overview of what a flag pattern is, how to identify it, and why it works so well in crypto trading. What is a Flag Pattern? A flag pattern appears as a brief consolidation following a strong price movement, resembling a rectangular shape. There are two main types of flag patterns: bull flags and bear flags. Bull Flag: This pattern typically forms after a strong upward price movement (the flagpole), followed by a slight pullback or consolidation (the flag) before the price continues its upward trend. The flag usually slopes downward or moves sideways. Example of Bullish Flag Pattern. Bear Flag: Conversely, a bear flag occurs after a significant downward movement, followed by a consolidation that trends slightly upward, indicating a continuation of the downward trend once the price breaks down through the flag. Example of Bearish Flag Pattern. Identifying Flag Patterns To identify a flag pattern, traders look for: 🏳️ Flagpole: This is the initial sharp price movement. 🏳️ Flag Formation: This should be a consolidation phase that lasts from 2-3 candles up to more than ten, depending on the timeframe. 🏳️ Volume Analysis: Ideally, the volume should be higher during the flagpole and lower during the flag consolidation. An increase in volume upon breakout is a strong confirmation of the continuation. Here is the example chart for identifying the flag pattern: Trading the Flag Pattern To trade a flag pattern effectively, follow these steps: 📈 Entry: For a bull flag, consider entering the trade once the price breaks above the upper boundary of the flag. For a bear flag, enter on a break below the lower boundary. 📈 Stop Loss: Place your stop loss just below the flag (for bull flags) or above the flag (for bear flags). 📈 Profit Target: A common target is to measure the height of the flagpole and project that distance from the breakout point. Example chart showing how to place a trade using the flag pattern: Why It Works in Crypto Markets The flag pattern is particularly effective in the crypto market for several reasons: 📊Volatility: Cryptocurrencies are highly volatile, which can create strong price movements leading to clear flag formations. 📈 Trend Continuation: Flags often appear in trending markets, where there’s a significant amount of bullish or bearish momentum. 🧠 Psychological Factors: Traders recognize these patterns, leading to increased buying or selling pressure at breakout points. Example of Bullish and Bearish Flag Pattern: Bullish Flag: Bearish Flag: Flag patterns are highly effective in crypto trading, offering clear signals for trend continuation. They are especially useful in volatile markets, providing reliable entry and exit points. By identifying strong momentum during the breakout and combining it with volume analysis, traders can use flag patterns to make well-informed, high-probability trades.
COINBASE:BTCUSDEducation
by HexaTrades
Bitcoin Approaching Key Resistance—Watch for Breakout / PullbackSince the last analysis, Bitcoin has respected the Crucial Support Zones and is now approaching a pivotal point at the Descending Resistance trendline. We’ve seen a bounce off the support zones, particularly the 1W BISI, which has held firm, and the next move will be decisive as BTC approaches the U.S. Election timeline in early November. Key Developments: Bitcoin is approaching the Descending Resistance, with a potential breakout signaling a move towards 76K and beyond. The 1W BISI (one-week bullish imbalance support) has acted as a strong foundation for this current price action, making the upcoming resistance test a crucial moment. The RSI is sitting comfortably above 55, showing momentum building up in favor of the bulls. Strategy Update: Swing Traders: Look for confirmation of the breakout above the descending resistance. If price holds and closes above this level, a run toward 76K and 80K becomes highly probable. Scalpers: Stay cautious around the resistance zone. If Bitcoin fails to break out convincingly, a short-term pullback to retest the 1W BISI could provide shorting opportunities. Key Levels: Resistance: The Descending Resistance trendline is your key point for watching breakout potential. If BTC breaches this level, expect a rally to 72K and 74K. Support: The 1W BISI and Crucial Support Zone 1 (around 64K) will act as strong support levels in case of any short-term corrections. ------ This setup remains crucial as the U.S. Election date approaches, a point that may trigger increased volatility across markets. Keep your risk management tight and stay flexible as the market prepares for its next major move.
by MadeByAK
SOLUSDT | Marketoutlook Summary: • SOL/USD Movement: • Trading within a medium-term descending channel . • Resistance zone: 157.40–162.50 (23.6% Fibonacci & Murrey ). A breakout above could lead to further growth toward 175.00 and 185.80 (July highs). • Support zone: If the price falls below 147.60 (central Bollinger Band), it could decline toward 131.25 (38.2% Fibonacci & Murrey ) and 125.00 (Murrey ). • Technical Indicators: • Bollinger Bands: Horizontal, signaling consolidation. • Stochastic: Preparing to exit the overbought zone, indicating a potential sell signal. • MACD: Increasing in the positive zone. • Trend Outlook: • With the long-term downtrend intact, further decline in the near future appears more likely.
Long
by DCFX-TA
1
Understanding the Flag Pattern - DEEPAKNTR A flag pattern is a continuation pattern that indicates a brief consolidation before the previous trend resumes. It's characterized by a strong price move, followed by a period of consolidation, and then a breakout in the same direction as the initial move. Characteristics of a Flag Pattern: Flagpole: This is the initial strong price movement that forms the pole of the flag. It often occurs with high volume. Flag: The consolidation phase that resembles a rectangle or a parallelogram, usually sloping counter to the initial trend. Breakout: The resumption of the trend, breaking out from the consolidation phase in the same direction as the flagpole. Flag Pattern in DEEPAK NITRITE LTD Chart In the DEEPAK NITRITE LTD chart: Flagpole: The initial strong upward movement (represented by the orange ascending trend line) is the flagpole. Flag: The recent price channel (highlighted by the parallel blue lines) represents the flag, indicating a consolidation phase. Breakout Potential: Given the high volume during the upward moves and lower volume during pullbacks, a breakout above the flag's upper boundary could signal the continuation of the upward trend. Conclusion Flag patterns are powerful indicators of trend continuations. In the case of DEEPAK NITRITE LTD, the identified flag pattern suggests that the stock may continue its upward movement after this period of consolidation. Keep an eye on the breakout above the flag's upper boundary for potential trading opportunities. Happy trading! 🚀📈 If you need further insights, feel free to follow me! 😊
NSE:DEEPAKNTR
by stocktechbot
Some thoughts and possible targets of Bitcoin $BTC (BTC/USD)BTC is at the top of this massive bullflag (again) where BTC is in now for 32 weeks. October is half way and the Halloween effect is knocking on the doors. Good time to look ahead. Scenario A: Bullish When BTC breaks out of the bullflag and get (and stay) above the ATH level we enter the uncharted territory. This is where the Extended Fib tool comes in place giving us guidance. Target 1: When BTC breaks major resistance and stay above, my first local target will be around 80k. This target comes from the extended fib of this recent rally. I have hidden this ext-fib to make the chart more clean. Target 2: My second target is around 96k. This is the 2.618 level of the major extended Fib AND the target of the major pole trade measured from around 27k, all the way up to ATH end of the pole of the recent bullflag. When I take that pole and extend it from the bottom pricelevel of the bullflag (50K). The target point of the extended fib and the target of the pole trade match exactly. This almost can't be a coincidence ;-) Target 3 & 4: When price breaks the psychological level of 100k my future targets are around 118k (3.618 extended fib) and ultimately 130k (4.236 extended fib). Scenario B: Bearish If price fails to set a new ATH at the major resistance AND sets a lower high and lower low, BTC is going to see lower levels most probably. This will make this whole thing a Wyckoff distribution setup.
BITSTAMP:BTCUSDLong
by HardFork_Cafe
Bitcoin: Potential Breakout from Bull Flag PatternWe definitely need to keep a close watch on Bitcoin over the next few days. The price is currently stuck in a bull flag, and a break of the trend line, which is around the 68k mark, could signal the resumption of a bullish push. The challenge with this pattern is that the trend line varies slightly depending on who draws it, but it generally sits between 67k and 68k. A better but later confirmation, could be a break above the July 29 high at 70k. The pattern suggests that price could reach 83k, or even higher, depending on different interpretations. So, it’s crucial to keep an eye on Bitcoin in the coming days. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
THINKMARKETS:BTCUSDLong
by ThinkMarkets
2
A close above the top red trendline would be very bullishShown here on the weekly chart is the weekly bullflag bitcoin has been consolidating in ever since correcting from the all time high we hit earlier this year.. For the first time since then, we now have part of a daily candle body above the top eligible top trendline of the flag and may very well close the current daily candle above that trendline for the first time which would be a very bullish development. It will be even more bullish if we can also manage to close a weekly candle above it as well but we still have another 6 days before anything like that can occur. For now a daily candle close above is still good progress which we have about 40 minutes left before the current daily candle closes (not shown here). If we were to break up from the red bullflag at this exact spot on the chart, there is some excellent bullish confluence here as you can see the measured move breakout target from here would be the exact same target as the much larger Purple bull flag we broke upwards from back in February. Both have a target around 99k. So this would indeed be a great spot for such a breakout to occur. We can also see the weekly 50 moving average(in orange) is holding very strong bounce support and should help to prevent the price action from recentering the flag/channel in the coming months as it climbs higher. *not financial advice*
BITSTAMP:BTCUSD
by DrDovetail
Altlayer (ALT) 80% Bullflag extensionOn the above chart price action has corrected 30% since late September. A number of reasons now favour a long position, including: 1) Price action and RSI resistance breakouts. 2) Trend reversal. Higher highs higher lows. 3) Support on past resistance. (yellow arrows). 4) The bull flag confirmation forecasts an 80% impulsive move. Is it possible price action corrects further? Sure. Is it probable? No. Ww Type: trade Risk: high Timeframe to long: this week Return: 80%
Long
by without_worries
Bitcoin will break 7 month Bullish Flag?Hey traders! Here we are, as we thought we touched 59K and we came up. And we're still moving in a long 229 day bullish flag, and hopefully we could break it soon. The next resistance target is around 68K and if we're going to break this level, plus volumes will confirm and will see short correction if RSI will be oversold we can go upwards strongly! But don't forget to pay attention for 1 Day MA which is still bearish, volumes that are still descending and RSI. What's your thoughts?
Long
by SheTradesHub
Chiliz (CHZ) 100x Bull flag?Yes, 10,000%. On the above 12 day chart price action has corrected over 60% since March. A number of reasons now exist for a long position. They include: 1) Price action and RSI resistance breakouts. 2) Support confirmation. Orange arrows. This is called a double bottom. 3) Trend reversal. A higher high has now printed just like the one before it in August 2020 on this time frame. 4) Hook reversal pattern, look left! Students, you know why this is important? 5) The bull flag. Confluence is paramount when drawing flag patterns. I see so many poorly drawn flags on tradingview ideas. Confluence refers to the number of times price action touches the boundaries of a channel. The more times this happens the more significant the channel for use in forecasts. A repeat for the 2020 impulsive wave takes price action to the $5 area or 100x. Is it possible price action corrects further? Sure. Is it probable? No. Ww Type: trade Risk: all in. You decide. Timeframe for long: This month Return: 80 - 100x
Long
by without_worries
6