DrDovetail

the dust has settled & only the 1 day bullflag remains

BITFINEX:BTCUSD   Bitcoin
of the several potential patterns we've been watching over the past couple weeks, one by one has slkowly been eliminated from contention (most recently the adam and eve double bottom) and now we are left with only the standard 1 day bull flag. We just managed to confirm support on the 1 day 200ma after wicking below it which is clutch because flipping the 200ma back to solidified support at this point would likely mean the bull market will be put on hold indefinitely and we will swing back into a bear market so keeping support on the 200ma is key to saving the current bull market and having the current deathcross end up as a fakeout. If we do breakout the target for the bull flag breakout is the 11.6-11.7k area. I will leave this idea neutral and will await breakout or breakdown confirmation before I choose a side.
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