In less than 6 hours Bitcoin CLOSES its DAILY CANDLE. If price finds SUPPORT on YELLOW 200 EMA then this will be an extremely bullish indicator alongside the BULL FLAG candle stick pattern and the LONG SIGNAL ON SUPER TREND INDICATOR. A breakout could establish a HIGHER LOW and take price to the 52k region. RSI has cooled off and is NOT OVERSOLD.
Long here...
Bitcoin is currently testing RESISTANCE at the YELLOW 200 EMA line. The GREEN SUPER TREND indicator is signaling LONG and the RSI is not yet over bought. If price can BREAK RESISTANCE and SUSTAIN SUPPORT above the YELLOW 200 EMA at around 40k then a retest of resistance around 52k is not out of the question. Until price breaks above the 200 EMA I remain neutral on...
BTC is forming a BEAR FLAG where I have highlighted in white. This suggests a move LOWER in price. The trend is BELOW the RED SUPER TREND RESISTANCE LINE and also BELOW the YELLOW 200 MA RESISTANCE LINE. This indicates a BEARISH forecast as long as the trend stays BELOW these RESISTANCE LINES.
Bitcoin found support and has hit my PRICE TARGET of 32K. The trend is forming a 4HR BEAR FLAG in conjunction with a massive BEARISH HEAD and SHOULDERS pattern that appears more clearly on the higher time frames. We are currently testing the bottom of a sideways range between 40k and 30k. If the 4HR BEAR FLAG plays out and takes us BELOW this level of SUPPORT we...
Bitcoin has closed a 4H candle BELOW the GREEN SUPER TREND SUPPORT line and has CONFIRMED the 4H BEAR FLAG that I pointed out in my previous upload. The most likely scenario from here is a retest of SUPPORT at around 32K.
After having rejected off the 200 EMA YELLOW support line Bitcoin is forming a BEAR FLAG on the 4H time frame just above the GREEN supertrend indicator SUPPORT line. A confirmation of the BEAR FLAG will also trigger a short signal on the supertrend indicator creating a RED line of RESISTANCE. The RSI is still technically not oversold and has room to drop.
Stay...
Bitcoin likely to go lower from here and test support at around 30k. Trend is short on the Super Trend indicator and is also below the 200 ma. RSI levels are still technically not overbought just yet trending around the 30 band. As you can see price is also forming flat candle price action just after a drop forming a bear flag. Hold onto your butts kids.
We have a confirmed breakout of an hourly bull flag forming on BTC pushing it above 50k. As you can also see the super trend indicator has flashed to a “long” signal and the RSI broke the 70 band of its upper range. This signals strong bullish momentum.
SUPER LONG ON BTC LADIES AND GENTS
BTC price action is grinding against 50k resistance and forming an hourly Bull flag. The super trend has also flashed a “long” signal along with trend trading above the 200 ema.
