DrDovetail

Bulls lift us up out of current bear flag after support of 50MA

BITFINEX:BTCUSD   Bitcoin
Interesting development...after reaching the drop target price of our original bull flags bearish breakdown, and wicking below the %)MA a couple times, suddenly the Bulls woke up and found a way to lift the price action up out of the most recent bear flag that was forming and carry it all the way back above the Tline...flipping the T Line back to a support role before closing the 4hr candle above it. A very very interesting turn of events because now as you can see indicated by the new hot pink trendlines, we have a potential breakout of a fairly good sized descending triangle if the newest 4hr candle can close above this triangle as well as above the recent bear flag we will have a confirmed breakout of both and you can see the projected price target of the bear flag breakout on the chart, indicated by the dotted green vertical trendline....but more impressive of a gain would be the dotted hot pink descending triangle breakout target line. both lines howevers targets are above the ever important resistance line of the 100MA(in blue) which used it's strong resistance to reverse the initial bull run we were on in the first place....both of these breakouts combined if they end up being confirmed would carry the type of bullish momentum we would need to both surpass the 100MA on this 4hr chart but also likely prevent the impending "death cross" on the 1 day chart....for now this idea will remain neutral...we need to see a confirmation close before we switch to long...this could potentially be another fakeout...and we never reached the last bear flags bearish price target drop so we may still need to do that first before a turnaround...best to stay neutral until this current 4 hour candle closes, but a very interesting development none the less. Thanks for reading ***not financial advice***
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