__________________________________________________________________________________________________________________________________________________________________ Hello my friends! This is a update-analysis on a idea I made november last year! I called that we are trading in a huge bull-flag with two possible outcomes. Now we can see that the bull-flag I observed is playing out the bullish way just right the coming days. Highly recommend that you watch this analysis to have a full overview of the situation:
__________________________________________________________________________________________________________________________________________________________________ We are looking at the daily chart and can see that the huge bull-flag I suspected to confirm also in a bearish way is confirming the bullish way now. We made a possible final lower low and otherwise when we can't find bearish signals signaling a fake break-out of the flag or heavy supply we can expect a good growth period with a higher high in the structure. __________________________________________________________________________________________________________________________________________________________________ I expect a consolidation the next days above the last blue trend-line which you can see in my chart before moving steadily higher. This is a middle-term analysis, in the next weeks and month we can expect bitcoin to test the upper resistance levels at 10600 to 11900, for now, I can't say that we are out of the woods for sure but we can expect some bullish movement. A possible target of the bull-flag would be 12700 with more upside potential, we have to watch if this plays out! __________________________________________________________________________________________________________________________________________________________________ Thanks for watching everybody. I hope you found this analysis useful. Feel free to support my work for more market insight. All the best! __________________________________________________________________________________________________________________________________________________________________
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Information provided is only educational and should not be used to take action in the markets.
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ANALYSIS UPDATE: BITCOIN massively bounced above the upper boundary of the descending channel formation to boil up the bullish volume.
Once BITCOIN finally bounced within the upper boundary it moved forward with a swift bullish extension into the upper direction reaching significant heights.