Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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A bullish flag pattern is clearly visible on the 4H time frame for Bitcoin (XBTUSD), let's take a look at the potential target and support for this formation.
Break to the upside
On a move to the upside, we can look at $10,800 as immediate resistance.
On a strong break of this level, we can expect further growth up to $11,350 until the next move.
Breakdown of the flag
On a breakdown of EMA10 and XBTUSD closing below $10,300, we can see a test of strong support around $10,100 - $10,200... Before this level can be tested, a break below EMA10 must happen, followed by a close below $10,300 as mentioned above.
Right now we remain bullish as long as Bitcoin remains trading above EMA10.
Additional sideways consolidation can easily happen at these levels, as well the price becoming range bound between $10,300 and $10,900.
Now, where do you think Bitcoin is headed next?
Share your charts, thoughts, and opinions on the comment section below.
Thanks a lot for reading.
Namaste.
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