Bitcoin Trend Series / EP. 659 / Bullish Flag Pattern
Time: 8.05 A.M. / GM+2 / 20th July 2018 – Fri.
In our previous post / 658 / we had forecast the trading range will be between 7.000K & 7.650K. The intraday low was 7.300K and the high was 7.560K.
The Bullish Flag Pattern, on 1H Chart indicate a rally continuation but Bitcoin price need to break the resistance at 7.650K to confirm that the bullish flag pattern will work and the up run is resuming.
RSI is treading sideways, while Stochastic show hat sellers could push for a dip.
- Conform 4H Chart, Bitcoin price could be due for a correction from latest rally due to a Profit - Taking and start to show some bearish bias supported by Stochastic negativity.
The reason why we think, that most likely a Pull Back will be in play, towards 6.842K ( the area of interest that buyers are waiting to join ) before the potential continuation of the uptrend.
Conform Weekly Chart is so early to believe that, the bear market is over, so we must be cautious as the Weekly Setups stands the same.
Sentiment
Based on the above
The trend is Slighty Bullish for today.
Support 1: 7050.000 level.
Resistance1 : 7650.00 level.
Support 2: 6842.000 level.
Resistance2 : 8250.000 level.
Expected trading for today:
is between 7000.00 and 7650.00.
Expected trend for today :
Slighty Bullish.
Medium Term:
Bearish.
Long Term:
Bullish.
The low of 2018:
4267.00 / Expected.
The high of 2018 (BitcoinTrader's Year):
14469.00 / Expected.
The low of 2019: ???
The high of 2019 (Bitcoin Holder's Year):
36000.00 level / Expected.
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This post has received a 3.73 % upvote from @boomerang.
let the trend break and finally hopefully we will see some new high
Let the trend break and
Finally hopefully we
Will see some new high
- blazing
I'm a bot. I detect haiku.
bullish
Thanks for the daily update. I find that your updates are some of the most accurate and specific that are out there.
Now at what point do you think the bearish weekly set up gets invalidated? Do we need to see the pullback you mentioned followed by a continued uptrend, or is that still too early?
Thanks