TradingDesk_TransferoSwiss

Bullish Flag Breakout or Short-Term Downward Reversal?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As we see in the daily chart , a bullish flag has been formed. The flag results from a period of consolidation after vertical rise, suggesting that the bullish pressure might continue in the short-term.

After flag's breakout, the market usually replicates the length from the first leg. This upward movement would lead the price up to first target at 15.400 and second possible target regarding fibonacci extension at 19.300.

However, the bitcoin price at the moment is in a turning point. After reaching the upper bound of the bullish flag , it has left many indecision candlesticks , which might suggest a retracement , which would be a breather before running off again in the same direction.

Levels to watch for:

Support 1: 11200 (Weak)
Support 2: 10750 ( Pivot Point )
Support 3: 9400 (Strong)
Support 4: 8700 (Strong)

Resistence 1: 12000 (weak)
Resistence 2: 12960 (strong)
Resistence 3: 13045(strong)
Resistence 4: 13845 (strong)

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Comment: * indecision candlesticks in the hourly chart
Nice analysis as always @TradingDesk_TransferoSwiss
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The 11900/12000 price range is a key point to the crypto environment. It matches with @TradingDesk_TransferoSwiss recent analysis. Nice job @TradingDesk_TransferoSwiss.
+1 Reply
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