DrDovetail

Bullflag inside bear flag triggered but blocked by 50ma

DrDovetail Updated   
BITFINEX:BTCUSD   Bitcoin
The 1hr bull flag that formed inside the recent 4 hour bear flag was triggered bringing it up past it's initial target and then through mostly FOMO being able to be lifted upward all the way above the T line(in yellow) and finally being scared back down by the 4hr 50MA Buy/Sell line(in orange). The price has now slowly drifted back inside the previous bearflag which means there's a chance we are still stuck in it this many candless later....if that's the case we may have never left consolidation which means this may not be able to be considered establishing a higher low.....if it is a higher low it is only a higher low on the 4hr and we have yet to establish a higher low on the 1 day...both time frames are important to establish such a thing on if we have hopes of attaining that final confirmation higher high that will confirm the bulls once again have control of the market....for ow I remain neutral although I anticipate we are in the process of an Adam and Eve bottom with the February 6th Low being the Adam Bottom and a low likely to come in the next week or so as the Eve bottom.....it is possible that the Eve bottom is already in but also possible it hasnt reached its complete depths just yet...so for now neutral I shall remain. I may enter back in should we get above the 50MA and close a couple 4 hr candles above it, but for now im on the sidelines...You choose your own path however as this is not financial advice. Good luck and thanks for reading!
Comment:
I need to clarify because it wont let me edit it on here...the yellow fibline on the chart says current double reinforced "support" that is supposed to read resistance its double reinforced with the top trendline of the bearflag as they are almost close enough to overlap.....I cloned the text from one of the resistance texts and forgot to change that word when editing it for the fib line. most of you can tell that it is current resistance not support though.
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