I think BTCUSD is in consolidation zone...hovering below MA50. The chart pattern indicates basic Flag pattern and if it breaks the zone up...could go up to $9,400 zone. If it breaks down from the zone it'll go to $7,200 zone.
Remember on daily scale RSI is still in bearish zone. It should scale above 60. On weekly scale it should go above 55 for a major bullish support.
Daily CCI and Stochastic are also not so good but weekly indicators are showing positive signs. So...I assume it could go higher while people waiting on the sidelines for better signals
Remember on daily scale RSI is still in bearish zone. It should scale above 60. On weekly scale it should go above 55 for a major bullish support.
Daily CCI and Stochastic are also not so good but weekly indicators are showing positive signs. So...I assume it could go higher while people waiting on the sidelines for better signals
Comment:
Another Bull Flag...?
Comment:
This is 3rd breakup from consolidation zone. Note that consolidation period is decreasing. As consolidation period decrease...strength of momentum also decreases quickly. There is 3 more days strength on daily. Weekly uptrend has started but that can continue and stay for another two months if price crosses $9,800 and remains above it.
Trade closed: target reached:
It has reached the upper target $9,400. It still has potential to go up. Closing this trade here.
