Hello fellow traders,
Do I see a bullish flag pattern appear on the daily chart? My bullish view is strengthened due to the fact that the 200 MA is holding the price action as support which will bring us in a squeeze looking at the short term downtrend from the hourly chart. We should consider that we are still below the weekly 21 MA and we should be cautious...
Key level to watch... We are still in a bullish market but if we have a candle closing under the 21 MA based on the weekly chart we can expect a price drop below 6k. Let’s wait until Monday what price action will bring Bakkt.
The wedges are indicating a move is happening. My bet is a short term upward trend regardless the 1 day chart which is not indicating a positive move. Target 1 is the .38 fib level. Stop loss set at 0.50
Happy trading
