CookieMonsta

Bitcoin Bull-flag and Buy zone

Long
BYBIT:BTCUSD   Bitcoin / U.S. Dollar
In this chart you will see that I have drawn out what looks to be a potential bull flag for bitcoin's Daily chart . Taking a look at the bottom of the red bull-flag, you will see it indicates that around $7,500 would be the very bottom. Considering that this is now the second major swing high failure, we will most likely see a bigger move towards the downside for the mid-term. The $7,500 zone is also confluence with the golden pocket fib area from the $3,200-13,800 parabolic movement (see additional chart: ). Laddering buys within this $8500-7500 range is, in my opinion, a safe bet. there is always a chance we see a quick trend change and swing low failure from $10,800, or a potential triple bottom from the $9,100. But going strictly based off of what I have drawn, I believe the golden pocket will be the reloading area before we test new highs for 2019. In order to showcase my thoughts exactly, I have drawn a cringe Blue squiggly line.
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Comment: Update 1: Too early to say for sure, but it looks like we are seeing a stronger push towards the downside as i expected after losing the .236 and closing below. Still a chance we resume bullishness at our $10.2k-9.8k major support before 8.5k region becomes realistic. But, keep in mind that ranges are weaker once they are broken out of previously and re-entered for the second time. I remind you of this because if we do see 9.8k and fall below and close into the 9.8k-9k range we were just in, we WILL fall through the bottom of it. I would not be placing any bets on a triple bottom in this particular case due to the circumstances.

TLDR: look for a bounce in the 10.2k-9.8k region, if we don't get one start laddering bids at 8.7k-7.4

Comment: Update 2: buyzone hit. Let’s see if it will fill all of our entries or if we’re off to the races
Comment: Main target = hit :)
Comment: I called it. :) only person on tradingview that predicted 7.4k and 14k within the same month of October. We haven’t reached 14k yet, but a great call nonetheless ;)

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