Bonjour everyone,
As you can see on the chart, Bitcoin made a decent bounce and is testing the top of what looks like a bear flag right now.
A break below the bottom of the flag, around 8.3/4k would be a very bad sign and could lead us to further downside. Think about it, it takes a few minutes to draw these lines and everyone and their mother put a stop loss right below them... the cascading effect could be bloody.
On a more positive note, breaking above the bear flag, across the 200 MA on the 1hr chart, with conviction, is a good sign a rally is coming before the Consensus in a couple days.
I would be very, very careful getting long here on Bitcoin. A lot of volatility happens during events and I noticed less bullishness in Bitcoin since the big sell off a few days ago.
In my opinion it would be wiser to focus your attention on altcoins like Ethereum, Bitcoin Cash and Tron wich have great announcement around the corner... and they make nicer bounces :)
Thanks for reading!
Oh btw, we're close to be overbought.
As you can see on the chart, Bitcoin made a decent bounce and is testing the top of what looks like a bear flag right now.
A break below the bottom of the flag, around 8.3/4k would be a very bad sign and could lead us to further downside. Think about it, it takes a few minutes to draw these lines and everyone and their mother put a stop loss right below them... the cascading effect could be bloody.
On a more positive note, breaking above the bear flag, across the 200 MA on the 1hr chart, with conviction, is a good sign a rally is coming before the Consensus in a couple days.
I would be very, very careful getting long here on Bitcoin. A lot of volatility happens during events and I noticed less bullishness in Bitcoin since the big sell off a few days ago.
In my opinion it would be wiser to focus your attention on altcoins like Ethereum, Bitcoin Cash and Tron wich have great announcement around the corner... and they make nicer bounces :)
Thanks for reading!
Oh btw, we're close to be overbought.