Bitcoin (BTC/USD) is painting a bullish flag on the hourly chart at the time of this writing following the spike that took place on 27 July, 2018. Am hourly break above $8,300 may pave the way for stronger gains towards $8,400.
While it may be tempting to long BTCUSD at current levels while layering the stop beneath support of the potential flag it is entangled with risks. Our approach would be to wait for an hourly close outside the flag (top purple line), which may affirm further gains are in store.
In out future analysis on Bitcoin we will focus on shorter time frames rather than the 4hr chart.