XBTUSD Falling wedge break and bull flag consolidation BULLISH
The falling wedge broke out yesterday and confirmed a 12 hour candle close today on
XBTUSD.P
. We are now painting a nice bull flag consolidation. A breakout up would likely see a retest of the major down channel resistance. We may see some turbulence in the $9200 area due to the 200/50 MA on the daily. So i'll be watching in this order: flag breakout, MA resistance break, followed by major channel resistance. We'll have to watch and see what happens from there. A strong break upward from the down channel resistance would be a good starting point for a push back up to test higher levels. Any confirmed break below previous resistance would be a signal to get out of the trade.
XBTUSD.P
. We are now painting a nice bull flag consolidation. A breakout up would likely see a retest of the major down channel resistance. We may see some turbulence in the $9200 area due to the 200/50 MA on the daily. So i'll be watching in this order: flag breakout, MA resistance break, followed by major channel resistance. We'll have to watch and see what happens from there. A strong break upward from the down channel resistance would be a good starting point for a push back up to test higher levels. Any confirmed break below previous resistance would be a signal to get out of the trade.
Comment:
So far this is playing out exactly as I thought. We just bounced off the 200d ma at $9200. This is also the 26.3% fib. Breaking up past this level would give us the fuel to test that upper resistance again. We'll have to see how this plays out over the next 24 hours. #bitcoin