BTC 1hr Bear Flag - Daily Chart Still Okay Though

The 1hr chart is looking like a bear flag as it bounces higher and at resistance now. The good news is that prices found support right at the breakout point which is support now. On the 4hr chart, the support level corresponds with the 22 EMA. The 4hr view looks positive so if we see a break lower from that bear flag on the 1hr, it may be a buyable dip with the stop below the 6500 level. On the upside, getting back over 6580 would negate yesterday's sell off and like lead to more upside.

Overall, I'm looking for more downside testing today but we need to see support hold to keep the broader uptrend in place.

Comment:

We saw a quick reaction lower following some news of the SEC charging EtherDelta founders with fines. So far, the dips are being bought up. At most, we'll want to see the 6440 level hold.
www.coindesk.com/sec...securities-exchange/