TradingView
WickDipper
Dec 20, 2020 2:39 PM

bullflag Long

Bitcoin / U.S. dollarBitstamp

Description

Moon imminant
Comments
kylerhaged
Bull flags are formed with a downward sloped channel, they can be upwards but those preform worse then downward sloped channels. What you have drawn here is a rising wedge, notice its wedge shape and how it is not a channel. I also saw in your previous idea where you called a bullish pennant a bull flag, once again notice you have drawn a triangle. Its always good to know what pattern you are looking at, and their proper names.

As for this rising wedge, upon reaching 75% of the apex rising wedges generally break down with the height of the wedge as a target. To back this up there is multiple bearish divergences on higher time frames, Including the 1H. Now that doesn't mean there needs to be a full reversal it is signs of the trend losing strength. And with the formation of the rising wedge it isn't helping the short term bullish bias.
abel11
I admire the way you analyze charts
More