DrDovetail

btc skimming the wall of the eve bottom forming bullflag

Long
BITFINEX:BTCUSD   Bitcoin
BTC is once again pressed itself up against the side wall of the eve bottom with not much room to spare this time doing so by forming a bull flag right along the same price point as the breakout target from the falling wedge we broke out of yesterday. Odds are good within the next 2 candles we will break upward and the projected upward target of this flag will take us just under the projected upward target of the bear flag we also should have broken up out of as long as it was valid(which I think it was but it's just taken its time reaching the target) Right now we have a very strong double reinforced support of both the 4hr t line(in yellow on this 4 hr chart) and the 1 day charts 100MA(not shown here) . big support lines from 2 seperate timeframes converging as double reinforced support...just above that though at the 50% fib extension level (in green) we are currently holding support of the candle body and simply throwing bottomwicks underneath it. I anticipate this will most likely hold support for the current 4hr candle and expect our following 4 hr candle 2 hours from now will be a green one. One other very interesting thing I'm noticing on a fractal nature has got me making a very wild and currently unsubstantiated hypothesis about where the price action will be going after we break the neckline of the double bottom. Stay tuned as I will be getting into that theory. In my next idea and it is indeed a very exciting prospect. Thanks for reading **DISCLAIMER: Not Financial Advice**
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