Hi All,
I think we have a big flag formation on BTC here. This is a bullish trend continuation pattern.
We recently bounced of the 100 EMA. It's a good sign however the overall price action momentum is bearish (RSI still heading to oversold area - still a lot of space for a drop in price).
The most probable scenario here is an eventual break-down of the 100 EMA and the major resistance zone (pink horizontal line).
After retesting the lower bound of our big flag formation - around 8200 $ - I am positive we will resume our path north.
Still bullish in the long-term.
GL & HF ;)
I think we have a big flag formation on BTC here. This is a bullish trend continuation pattern.
We recently bounced of the 100 EMA. It's a good sign however the overall price action momentum is bearish (RSI still heading to oversold area - still a lot of space for a drop in price).
The most probable scenario here is an eventual break-down of the 100 EMA and the major resistance zone (pink horizontal line).
After retesting the lower bound of our big flag formation - around 8200 $ - I am positive we will resume our path north.
Still bullish in the long-term.
GL & HF ;)
