Ever since HOT topped last year April, HOT has been in a dominantly bearish trend downward. During this period, a bull-flag pattern has emerged on the chart.
Classically, bull-flag patterns are bullish continuation patterns, so that's where we will be looking at.
Looking at the chart, HOT definitely has more upside potential. The first main resistance will be the top of the flag-pattern. From thereon, we will either reverse back towards the bottom support of the pattern, or we will break out bullish.
Assuming that BTC will remain bullish and continue its path towards >$50k, the bullish break out option will be the most likely.
Happy trading!
Classically, bull-flag patterns are bullish continuation patterns, so that's where we will be looking at.
Looking at the chart, HOT definitely has more upside potential. The first main resistance will be the top of the flag-pattern. From thereon, we will either reverse back towards the bottom support of the pattern, or we will break out bullish.
Assuming that BTC will remain bullish and continue its path towards >$50k, the bullish break out option will be the most likely.
Happy trading!
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