pragmaticbestfit
Short

Difficult situation for the bulls

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looks like the price has made a bull flag however the chart has some pretty heavy resistance around 76-7700. From looking at the chart it seems we are being supported by the bottom of the long term support channel (green line) but that we don’t have the momentum that can bring the price up against the resistance area starting at 7600. Also volume seems to fading which might suggest we need a small pullback to see if the price can gather more steam for another leg up. The green channel (dotted green lines) might be support for such a pullback. I am however a little uncertain how valid this channels is. But as I have mentioned earlier it still seems like the joker is buyers suddenly showing up.

Note my 50 week MA was wrong in my previous charts I have corrected that.
Comment: Could be that the bull flag has turned into an ascending triangle which might indicate a decision point is coming up soon
Comment:
Comment:

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out