On our weekly we have still have a large bull flag. Confirmation of the bull flag conveniently lines up to break the top of the gap from the BCHSV hard fork. Confirmation of this bull flag would be 41.4% to the upside but we have some pretty strong overhead resistance that has formed between 335 and 320 (16.4% above our current price). If bears take charge on the weekly or we simply fall down a range we have weaker support at 254 to 232 which is 18.8% to the downside. Last week I was looking for an entry at 243 which missed by a few dollars but that could have been a +30% trade. Bummer.
In any case, RSI sitting at 50 is (neutral) and MacD is showing us gaining bullish momentum even with the extreme volatility we have seen. It is worth noting that we have a higher RSI on the weekly then we have ever had on the coinbase 1 week chart.
It seems like we will get a cross of the 12 and 26 moving averages in the next week or two and we have the 50MA coming down to meet the top of our bull flag confirmation if that happens. Everything considered I am leaning towards a bull flag confirmation because the odds favor it and we have less resistance to break then support. BUT time is on the bears side. They have had control of this until recently since December of 2017. I have a feeling the lower time frames will indicate tightening range though this week.
I also have to add a speculation statement here because it seems obvious to me. I believe people are selling their SV and going into BCH which is currently propping the price up a little.
In any case, RSI sitting at 50 is (neutral) and MacD is showing us gaining bullish momentum even with the extreme volatility we have seen. It is worth noting that we have a higher RSI on the weekly then we have ever had on the coinbase 1 week chart.
It seems like we will get a cross of the 12 and 26 moving averages in the next week or two and we have the 50MA coming down to meet the top of our bull flag confirmation if that happens. Everything considered I am leaning towards a bull flag confirmation because the odds favor it and we have less resistance to break then support. BUT time is on the bears side. They have had control of this until recently since December of 2017. I have a feeling the lower time frames will indicate tightening range though this week.
I also have to add a speculation statement here because it seems obvious to me. I believe people are selling their SV and going into BCH which is currently propping the price up a little.
