BTC has formed a bullish flag pattern after breaking out yesterday and hitting the 0.382 fib line.
The price is currently consolidating the gains inside the flag.
We should see a decisive movement in a matter of hours.
If the price manages to break out of the flag upwards, then the target projections are:
1. 9384 (flag projection)
2. 9480 (fib resistance)
In case the price breaks down of the flag, then the pattern is invalidated, so place your stop loss below the flag support line.
Alternative scenario would be, if we break down of the flag, the price could retrace to 8760 support, and then bounce from there to retest the 9k again.
Good luck!
The price is currently consolidating the gains inside the flag.
We should see a decisive movement in a matter of hours.
If the price manages to break out of the flag upwards, then the target projections are:
1. 9384 (flag projection)
2. 9480 (fib resistance)
In case the price breaks down of the flag, then the pattern is invalidated, so place your stop loss below the flag support line.
Alternative scenario would be, if we break down of the flag, the price could retrace to 8760 support, and then bounce from there to retest the 9k again.
Good luck!
Comment:
Looks like the second scenario I mentioned is currently playing out. Let's see if the price finds support on these levels.
Comment:
Support held. The price could have enough momentum to break the 9k resistance this time.
Comment:
Touched 9k. Let's see if it can break it, or if one more retrace to around 8800-8780 is needed first.
Comment:
Everything above 8825 is bullish.
Trade closed: stop reached:
Tested 9k two times and got rejected. Quite weak.