BTC Update! Weekly higher low set? Daily Bear flag?

Sep 13, 2018

This is my first post to TradingView! Many may know me from a couple of the bigger Face Book groups where I was regularly posting but I have since transitioned over to TradingView to do my charting. I am continually learning technical analysis and it has helped improve my trading abilities greatly. Now onto the charts!

Weekly - continues with lower highs and bulls are trying to establish $6116 as a new higher low which would be a positive and keep the overall weekly pattern in an equilibrium with lower highs and higher lows. I'll remain bearish personally on the weekly due to the inability of bulls to see enough of a push to get out and break to higher highs. If $6116 is the new higher low, will be expecting another lower high compared to $7403 to tighten this pattern up.

Daily - the daily is trying to break out and negate a potential bear flag setup from occurring. Battling upper end of a potential bear flag as well as 12 EMA for resistance. If bulls are able to break above and see some further follow through, they will look to hold $6116 as the new higher low on the daily.

4 Hour - now working on 8 green candles in a row and bulls are starting to get a bit extended. We did see a bullish crossover on EMAs and bulls are currently testing $6530 resistance which we had topped out at previously on 9/6 and now saw a double top today. Concern here is bulls over extending themselves on this move and bears piling in on the shorts to deny any significant follow through above $6530. 4 Hour has given consistent higher lows the last several days with most recent being down at $6191 giving the bulls a bit of breathing room if we enter into some consolidation before making for another leg up. Loss of higher lows would be a red flag and bulls should then be prepared for further leg down and bear flag from daily chart confirming.


Happy Trading and glad to be a part of the TradingView community!