Looking at bitcoin here on the 1hr chart we can see that price is still within bullish nature as shown within the higher time frame ascending channel price is within, price made an ascending channel within an ascending channel forming a 123 touch structure where price rejected from at the third touch.
Price has then since made an impulsive push down to the downside where it has met a significant fib support area around the 53,000 area. Price action is now repeating past patterns making a bear flag continuation in the form of an ascending channel.
I am anticipanting for price to complete this pattern and make a 123 touch within the smaller flag price is currently in, there is a high probability that price will make a continuation to the downside following the initial move where price will meet a significant level of fib support around the 52,000 area. This will be a good value area to buy so price may see a spike in volume and respect the support and make a move to the upside
BTCUSD
Price has then since made an impulsive push down to the downside where it has met a significant fib support area around the 53,000 area. Price action is now repeating past patterns making a bear flag continuation in the form of an ascending channel.
I am anticipanting for price to complete this pattern and make a 123 touch within the smaller flag price is currently in, there is a high probability that price will make a continuation to the downside following the initial move where price will meet a significant level of fib support around the 52,000 area. This will be a good value area to buy so price may see a spike in volume and respect the support and make a move to the upside
BTCUSD