Sherem

BTC Bull Flag or Lower High pattern?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC really has been relentless in it's rallies. I am sure most traders have been surprised by the moves BTC continues to make to the upside. Even in the face of a descending triangle , it continued higher. The flow is still in favor of BTC and this is confirmed with BTC still dominating above all the other alt coins. This is why we also haven't seen an alt coin rally, no one has favored alt's over BTC right now. If this 12k area can't hold, BTC go down pretty substantially and most likely go below 9k. The question is do we go to 8k or 7k? If we measure the magnitude of the last move up and compare it to where it could go, it would put us at 7k. Of course, that specifically is hard to pinpoint. On the upside if 12k broker and went higher this would confirm almost a bull flag typer pattern and we'd move to 15k.

We can see that RSI is falling in line with a channel type pattern and the strength of MACD is also wavering. We still have a whole year until BTC halves and longer before more developments come online. Be wary!

Happy trading and hodling,
-Sherem
Comment: Previous idea as an FYI -
Comment: This level at this 11k-11.3k area is the last area of hope for bulls, either we form that bull flag I was talking about or if we break below, we have a long ways to go down...

Comment: Bull flag is being invalidated and 11k has been breached, we close below 11k and we'll get a further move to the downside
Comment: already printing 10,900 and below, looks like the down move is confirmed
Comment: Next stop, 9k. We break that and we go down further.
Comment: Um, was this not spot on or what?
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good job
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What's the initial downside support level below 10,900?
+1 Reply
Sherem ACTraderDude
@ACTraderDude, Minor support at 10k, larger support at 9k
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I don't see us going lower than 9.1k because there is a lot of support there (draw a horiz line). I expect to see 14k by the end of next week. I would love to see BTC back at 9.1k but I don't think we are going lower than 10.5k any time soon. I am 60% confident that BTC is going to break out to the upside. Just my 2 Satoshi's for what it's worth.
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@BDG, i agree on this. Lowest 10600/10700 weekly conversion/daily ichimoku suppory and baseline. At thus weekly engulfing candle i beleive north is coming and by that means market is moving faster then we think.
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It's a trap...for longtimer investor.. cuz it's going to break 12k even 12400 but after that point what happen? We going down ...
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monthly can reverse to down frm the current monthly candle close
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Sherem Amjadsid
@Amjadsid, I'll answer your other question here on the new thread. I think this chart is probably the most telling. I don't know if there is enough data yet to correlate them as one leads the other with how fast crypto is moving.

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