Bull Flag; possible trend reversal for BITFINEX:BTCUSD by cerncris

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BTC Bull flag channel formed. Confirmation of bull market with close above Green horizontal. Could be wrong, I am long from 3000 and will gladly buy more if downward trend continues.

Comment: Be wary and cautious. Lots of risk at this level. Any bad news RUMOR could break lower channel and lead to dump.
Always act on rumors, never act on news.

Comment: Back to bear market :O overall pattern successful (press play twice :D)

Comments

Nice, i see the same pattern

More i see there H&S with double top on top of head. H&S make sense because target is 2800

MiloszKaszynski

@MiloszKaszynski, we'll see. I also saw H&S just not a very clean one. My support is higher than 2800

cerncris

@cerncris, Anyway, at this point going long at levels 3300 + is way too risky.

MiloszKaszynski

@MiloszKaszynski, Agreed, just trying to define a good scalping channel between 3900-4100. Definitely a lot of risk right now. Stay cautious

A bull flag is a continuation pattern. There should be a prior uptrend, It doesnt make sense a bull flag from the bottom

bagofXMR

@bagofXMR, I could have drawn 3 more bull flags on the way up

cerncris

@cerncris, + if you use indicators, RSI, MACD etc you will see perfect downtrend. With sell signal on weekly.

MiloszKaszynski

@MiloszKaszynski, if you used RSI indicator on the way to 5k you probably would have sold way before the top. RSI/MACD can be useful but volume coupled with RSI is far more useful in crypto short term.

cerncris

@cerncris, I did, on 4950. than just before this crash on 4641 on china news. Indicators are almost always true with simple patterns.