Bitcoin in bull flag pattern
Bitcoin is currently in a bull flag pattern on the daily time frame. This bullish pattern is expected to break to the upside. However, the recent failure to test the top of the bull flag suggests increased bearish momentum. Failure of the pattern to the downside and piercing the ichimoku cloud (double settings) may lead to a trend reversal if recovery is not swift.
The most likely scenario will be a quick test of 8200 which will bounce off the volume profile and the 100 daily ma to retest the top of the bull flag. At this point the RSI will be reaching oversold levels but this may increase the strength of the bearish momentum. If the 8200-8500 zone breaks and the top of the bull flag is not tested then a quick test of 7500 followed by a test of the 200 daily ma will occur which will have strong support. Thereafter further analysis will be required to determine the trend.
Bottom line: watch and wait for the pattern to break to the upside or downside rather than getting caught up in the indecisive chop.
This is trading and no one is an oracle, it's all a balance of probabilities. This is for education and is not financial advice.
The most likely scenario will be a quick test of 8200 which will bounce off the volume profile and the 100 daily ma to retest the top of the bull flag. At this point the RSI will be reaching oversold levels but this may increase the strength of the bearish momentum. If the 8200-8500 zone breaks and the top of the bull flag is not tested then a quick test of 7500 followed by a test of the 200 daily ma will occur which will have strong support. Thereafter further analysis will be required to determine the trend.
Bottom line: watch and wait for the pattern to break to the upside or downside rather than getting caught up in the indecisive chop.
This is trading and no one is an oracle, it's all a balance of probabilities. This is for education and is not financial advice.
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