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TheChartGuys
Jul 17, 2019 10:42 AM

BTC 4 Hour Bear Flag Test 

Bitcoin / United States DollarCoinbase

Description

Weak bounce overnight but it was for another 4% to give us a lower high.
Still watching the pattern of a lower high every day for the last 7 candles.
When this pattern breaks we will look for a more prolonged bounce for a daily lower high.
Currently being picky as a bull playing against momentum. I only had 1 small BTC order fill 9,300 and from here I have a few BTC and LTC orders scaled in for another leg down if we get it.
Bears keep acting at EMA resistances with the most recent bounce topping out at hourly EMA 12.
More Libra talk with the government this morning at 10 AM Eastern to be aware of.
Bulls are trying for a double bottom but it will mean little unless we break the high of the bounce attempt last night.
Comments
Jocoin
Nice analysis! this could be trap and last time to see btc below 10k, we got more reasons now to remain bullish and btc should resume uptrend
CessnaTrader
Great content as always!
TradingShot
Thanks for sharing guys!
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