BItcoin Cash FLAG / Pennant PatternON the 60 minute chart of Bitcoin Cash we see a long consolidation pennant / flag pattern coming to a head.
The 200 day moving average is sloping up, and the closer it gets, the more pressure we get for a bounce. Remember, stocks like to bounce off of moving averages.
If price can pierce and traverse the Ichimoku Cloud , then we could get a really big run here.
The longer the consolidations, the bigger the runs and more violent the breakouts, and this has been consolidating since that massive shred on the 19th of August.
ENTRY: .17 Breakout of flag pattern and break through cloud
STOP: .15 under Flag pattern
Target: .20 round number after 25% gain
Tradeanalysis
What will happen at Bitcoin 4000 ?!!! Message me with your questions about technical analysis or cryptos, stocks, options, and futures. I am here to educate !!!
So, WOW, this has been a really fast run from 3000 to 4000.
What do we do when Bitcoin reaches 4000 after a 30% increase in only a week?
I must recommend taking some profits and seeing how it behaves here.
I don't think we'll see a clean break of 4000.
The case for a break of 4000 and STRONG MOMENTUM
I personally don't see upward momentum stopping because Bitcoin is getting more hits than ever on google and there are new reports coming out every day bringing new people to the market.
If we see a consolidation pattern form then we can set our levels, reload, and wait for the breakout.
The case for a pullback and GLOBAL SITUATION STABILITY
If news cools down with North Korea and we get some stability in the stock markets in the coming week, this could combine with people taking profits at 4000, resulting in a sharp pullback perhaps to 3500 (last flag breakout) or even 3000 (multi month consolidation breakout).
If we see a pullback, then I would wait for a support level and stability to reload the position.
BOTTOM LINE
Let's take some profits here, see how things develop, and establish some new levels.
I'll release a new note when that happens.
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Spoon Formation My friend Dalin Anderson from High Altitude Investing showed me this formation he came up with. Noticed it forming in Riecoin so id be looking for entries
NZDUSD Trade IdeaPrice is in a firm uptrend however we can see a short term decline with 2 failed tests of the bearish trend line.
RBNZ decision may weigh on bullish momentum as marketing wait for Wednesdays decision.
Let's monitor price action to see how things develop over this key week for the NZD!
