BTC - Another Bullish Flag and consolidation
BTC looks ready for another bullish breakout. The Flag pattern on daily and hourly time frame along with consolidation at current zones indicate possible upside.
Daily RSI is just above bearish zone and it should stay above 60 for bullish support. 10K is very psychological level and expect some volatility...Targets should be $10,200 and $11,200. Weekly charts are more positive than daily and project target $14,200. Whales might try to kill it around 11K zone...it needs to consolidate at that level or need a catalyst to move quick. Slower growth is better than quick growth. If prices rise rapidly...then they will fall rapidly.
Disclaimer: This is just my opinion, not an advice. Trade at your own risk. Personally...I use BTC to monitor crypto market but I invest in ETH.
Daily RSI is just above bearish zone and it should stay above 60 for bullish support. 10K is very psychological level and expect some volatility...Targets should be $10,200 and $11,200. Weekly charts are more positive than daily and project target $14,200. Whales might try to kill it around 11K zone...it needs to consolidate at that level or need a catalyst to move quick. Slower growth is better than quick growth. If prices rise rapidly...then they will fall rapidly.
Disclaimer: This is just my opinion, not an advice. Trade at your own risk. Personally...I use BTC to monitor crypto market but I invest in ETH.
Note
Price is back to daily consolidation zone and on 1 Hr chart it shows H&S pattern...so there might be weakness in market for sometime. Be cautious.Note
Daily has turned into bearish zone and weekly trend is on the edge. The price is being rejected at MA200 (10K level). I still think this is a nice consolidation zone and can go up. It is important that price breaks 10K zone and stays above it to bring more buyers into it. If price can't find support around $9,200 level then weekly also can turn bearish.Note
BTC uptrend is very weak...be cautious...Trade closed manually
Market trend is slightly negative...not a major negative. Price is down below daily support zones...but weekly is still a bit stronger. This is uncertain period and price could go up to $8,200.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.