Galactus2000

Bullish BTC forming Bull-flag

Long
Galactus2000 Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
BTC is bullish in H4 according to Ichimoku confirmation:

Ichimoku:
Price is above Tenkan Sen, Kijun sen, meaning bullish in short and midterm.
Price is below Senkou Span B, meaning bearish in longterm
Chico Span is above the candles, meaning bullish momentum

As for direction: Flat Kumo and Kijun Sen. No direction in mid and long term.

Pattern:
There is a Bullflag forming. After a uptrend price is consolidating in a horizontal range (flag). Measurements give a upside target: 51772 and downside: 44150

Wave Analysis:
After hitting the bottom. Price formed a higher low. If price breaks the range to the upside, then a bullish N-wave is formed and we can expect continuation to the upside.
Comment:
BTC is breaking out on H4. I redraw the bullflag. It looks like the flag is more a descending range. That gives new targets: upside: 50918 downside: 43370

It also has confluence with Fib extension 0.786 level.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.