Hi there,
Here is another attempt from myself at some TA.
The last time I mentioned Bitcoin, I asked you whether you thought we were in a bear flag. Looking a bit more closely at the channel I drew at the time, we can now see a clear top and bottom pattern emerging as Bitcoin has been rising.
Currently, the 200 EMA is being very resistant as none of the four hour candles have been able to close above it but even when they do manage to peek their heads over the top, they are met with clear resistance at the top of the rising channel.
I've also drawn a dotted midline of the channel as this seems to be a resistance point at the current time as well. It would be worth noting a drop beneath this at it could signal the beginning of the end of the current rise. For those who enjoy a riskier standpoint, we could also wait until it hits the bottom of the channel to see what it does, if it gets there.
From a RSI point of view, we've moved from the overbought, into the 'safe' range again. This is important as it suggests we are consolidating at the current time, but be wary that we could still just be in a very large bear flag.
This is not investment advice.
Thanks, and keep on your toes!
Smyelar
Here is another attempt from myself at some TA.
The last time I mentioned Bitcoin, I asked you whether you thought we were in a bear flag. Looking a bit more closely at the channel I drew at the time, we can now see a clear top and bottom pattern emerging as Bitcoin has been rising.
Currently, the 200 EMA is being very resistant as none of the four hour candles have been able to close above it but even when they do manage to peek their heads over the top, they are met with clear resistance at the top of the rising channel.
I've also drawn a dotted midline of the channel as this seems to be a resistance point at the current time as well. It would be worth noting a drop beneath this at it could signal the beginning of the end of the current rise. For those who enjoy a riskier standpoint, we could also wait until it hits the bottom of the channel to see what it does, if it gets there.
From a RSI point of view, we've moved from the overbought, into the 'safe' range again. This is important as it suggests we are consolidating at the current time, but be wary that we could still just be in a very large bear flag.
This is not investment advice.
Thanks, and keep on your toes!
Smyelar