BTC, everybody knows about the bullflag
Updated
Hello everyone,
today I want to talk about the obvious fact, that BTC is in a big bull flag, since it formed the 74k high. But the way how it moved out of the lowest point of that flag isn't impulsive at all unfortunately. There is only a three wave move, followed by some more choppy price action, so to trade it safe, we need more confirmation.
I added some support levels (orange) and a trend line (green) to the chart. If you like to follow my thoughts I will talk about the development of the price action within that bull flag in the upcoming weeks.
today I want to talk about the obvious fact, that BTC is in a big bull flag, since it formed the 74k high. But the way how it moved out of the lowest point of that flag isn't impulsive at all unfortunately. There is only a three wave move, followed by some more choppy price action, so to trade it safe, we need more confirmation.
I added some support levels (orange) and a trend line (green) to the chart. If you like to follow my thoughts I will talk about the development of the price action within that bull flag in the upcoming weeks.
Note
Close to the breakoutTrade active
We have a strong breakout on the weekly candle close and also the daily chart has tested the channel breakout line once. It's likely to see another retest this week to get the pattern on the weekly timeframe completed. Current support is around 66800.Note
As mentioned the 66800 level was touched and showed a nice initial reaction. For further upside continuation the price should now stabilize above. Otherwise a test of deeper levels is possible.Note
A green daily candle close today would be great to confirm the idea of further upside. Todays wick tested the channel boundary again just like last week on Thursday. If we now get a close above 67402 today it would repeat the price action from Thursday by perfection.
The next target would be 70k again, as we need another higher high to get more people into FOMO.
Note
A lot of buying pressure came in at 56500. Exactly what I wanted to see. Now BTC has to prove it's bullish momentum and break the last swing high at around 70k.Trade active
Perfect Price action yesterday and today. We have a Bullish Engulfing candle printed on the flag boundary. Right now I'm observing the daily candle close. The most bullish case would be above 68400, but also a lower close should be a bullish sign. Tomorrow could be the day to surprise many investors with a strong bullish move towards 73k, as there should be lot of stop loss levels to hunt.
Also have a look at my update idea on my profile. We perfectly used the Point of Control, located at 67400 as support on lower time frames.
According to elliot wave analysis, I think we are in the fifth wave of the cycle. Just starting the third wave. I will publish the whole count in a moment.
Note
Perfect retest of the point of control today again and very strong bullish volume coming in. So far everything is playing out nicely as expected.
The daily candle today has to close green and in the best case BTC is able to take out the liquidity around 70k. If that's the case next week could bring us massive gains heading towards the election in the US.
Note
Unfortunately BTC was rejected at the strong 68800 level one more time and faced heavy selling pressure. It doesn't look like it will close bullish today, so we have to wait for the weekly candle close for more information. Note
The weekly candle closed with a huge wick and today's price action was very bullish. In my eyes the breakout is finally confirmed and we should see 73k as a next target soon.Trade closed: target reached
The first targets are reached. More upside is likely to come.Note
Pattern target reached today.
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