In line with my previous we have another good flag formation (top right in the above chart). (The lower two horizontal red & green lines above were the previous flag's S/R.) There will be more flags to come. Don't forget that at the moment the Satoshi is worthless but as an idea of what could be (maybe by the time the last BTC is mined) - IF 1 Satoshi was valued at $0.01 then 1 BTC would be valued at $1,000,000. Think about it... All we need now is Apple's announcement and then the next announcement and then next and so on! lol
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We've broken the flags resistance level @ 48,270 and with a new ATH of 48,912 it seems the 50k target will soon be reached. This round of growth is based on a stream of positive institutional news with even more big players coming to the table. The positive news in itself seems to be growing daily!
I think that with the high volume breakout down from the pennant you cannot call that a flag anymore (for a flag you would expect a progressive decrease in volume)? I think that if it bounces at 44K it would look like a double bottom, and up to the 48K again? It depends on Twitter anyway, what good is TA for in this world -lol.
Paul_Erasmus
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@molbioinfo, Hi molbioinfo - Yes I've not made the previous flag very clear on the above chart - appologies. The breakout of the previous flag was right at the end of January (just when we had the Elon Musk saga) and not the later breakout you've noted on 8th February. (I should have terminated the previous flag's resistance line sooner).
Still good to see we've just broken out again and now at 'this' flags resistance level. :)