Theoretically every flag is a continuation pattern, meaning it indicates just a short set back before the trend continues. I dont think thats true in general but this flag in BTC looks like it.
OTOH its testing the big resistance multiple times now, if we have a confirmed break throu that it will give one big push. Volume is low like everyone is waiting for some signs. Moves in either direction are loosing momentum fast, never able to really break out of the pattern. The only big volume move was down, but looking at the move-per-volume it shows that this volume didn't really move alot, on the contrary. Based on the move-power of volume its building for a break upward.
Longs are also building up factor 10 to shorts... everything looking like its about to break throu. And with all the other coins building up too, it may go big.
Trade active
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There we go. Pushed throu the long term resistance. Lets hope it gets confirmed with closing above the resistance. looking good so far.
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first break was rejected... but rejection didn't push throu support so pattern still holding. MovePerVolume is falling a bit thou...
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market still waiting. but looking at the longs and shorts building up. and the big blocks flying throu the orderbook (walls of 500 BTC appearing and disappearing on both sides), i bet the move is happening this night. some crazy vibes happening...
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overnight the break throu the original resistance was confirmed, but market is still holding cause the 2 spikes moved the resistance further up. Still bullish with bit of air for the stops. If you have positionsize left, the forming wedge might be worth another entry.
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as BTC finally broke throu the resistance... again... we may see the expected push now... again... :D
Trade closed: target reached
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i honestly stopped believing it. but it was nice ;)
oh man, desperatly waiting for those 20 reputation to be able to comment on other ideas... so much good stuff to talk about on here!
BitMango
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If I'm reading the charts correctly. Somebody bought a whole load of LTC using their BTC. That might explain why the BTC candle is red whereas the LTC one is green. If so that's super bullish.
kuegi
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@BitMango, interesting. also looks like the support is holding. altcoins primarly green again... whole thing still feels bullish.
BitMango
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NEO just had an initial break upwards. A sign of things to come?
kuegi
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@BitMango, IOTA also pushed throu already. might be a starting sign. But we saw stuff like that alot the last days .. EOS pushed few days ago which then came back hard.
kuegi
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@BitMango, yep, looks like it was a sign ;) everything pushing throu. lets hope its not a huge bulltrap ;)
BitMango
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@kuegi, 4H and 6H stoch RSI says we have upward movement still to go.... but someone really doesn't want it to go up? That was crazy!
kuegi
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@BitMango, yep, looks like some big players are determined to hold the resistance. But with all the testing of the last days it seems they are on a losing battle... or thats what i hope at least ;)
BitMango
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@kuegi, that almost looked like a failed bart move.