Bitcoin cleared last week with strength closing up at solid +632 points, just two points below $10,500. Bitcoin stretched a bit more on Tuesday closing up +2.38% before entering into consolidation. Friday brought a -265 point move down before printing little to no movement during the weekend. Our analysis details to us that Bitcoin has slowed to gather some strength before it’s rally higher. It has broken our intraday Bullish Wedge Pattern as a breakout retest continuation, riding the support.
In this zoomed-in look on the 4 Hour chart, we see that it has formed a new correction pattern, a short term Bullish Symmetrical Flag pattern to the upside. We are anticipating the break to the upside before we place risk on the table. As always, if market sentiment shifts to the downside, we can see a base of $9,459 (down -765 points.)
THE PLAY: Buy opportunity on 4 Hour chart upon break of Symmetrical pattern top.