Bitcoin remains surprisingly bullish. Even after recovering from below $11K just a few days ago it is holding strong near $12K.
Continuing my analysis from Jul 5th, on this chart are a few places $BTC is likely to head based on prior patterns. I have not charted a bearish scenario because currently signs are pointing up.
If the price on Coinbase closes above $11,975 on the daily chart today that would be further confirmation of growth or holding at these levels, probably growth. Above $11,975 would break the pattern of lower highs we have been in since July 3rd. That could be said to be the first higher high of a bull flag (assuming that is the pattern we are in now since last June) which is considered a buying opportunity.
I prefer to look to the 3 hour for identifying buying and selling opportunities in Bitcoin. According to that chart, we entered a buying opportunity at $11,500 and are still there and have not entered a exit point yet.
Emotionally to me the price feels high, but the data says it's low, so I am siding with the data on this. Long.
Continuing my analysis from Jul 5th, on this chart are a few places $BTC is likely to head based on prior patterns. I have not charted a bearish scenario because currently signs are pointing up.
If the price on Coinbase closes above $11,975 on the daily chart today that would be further confirmation of growth or holding at these levels, probably growth. Above $11,975 would break the pattern of lower highs we have been in since July 3rd. That could be said to be the first higher high of a bull flag (assuming that is the pattern we are in now since last June) which is considered a buying opportunity.
I prefer to look to the 3 hour for identifying buying and selling opportunities in Bitcoin. According to that chart, we entered a buying opportunity at $11,500 and are still there and have not entered a exit point yet.
Emotionally to me the price feels high, but the data says it's low, so I am siding with the data on this. Long.
Comment:
It looks like $BTC is about to spike.
Comment:
Multiple bull flags going on in $BTC
