Bull flag on BTC?
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Hello.
Possible bull flag forming on Bitcoin. Target around 24k.
First resitance is around 22400-22800 (13th of september high).
I think 25k there will be more selling/profit taking if we even get there.
You can see from the chart how 10EMA (blue one) has worked as support 3 times before when Bitcoin started its rise (marked with red arrows).
I believe it will work as a support until the price shows that it doesn't and breaks it (and stays below).
Possible risk reward is pretty good, almost 5 ratio.
This is not financial advice.
If you do take trades always use stop loss!
First mistake novice trades do is not use them and gets their ass burned!
Check out my analysis on 12th of january "why I think Bitcoin has bottomed"
-Jebu
Possible bull flag forming on Bitcoin. Target around 24k.
First resitance is around 22400-22800 (13th of september high).
I think 25k there will be more selling/profit taking if we even get there.
You can see from the chart how 10EMA (blue one) has worked as support 3 times before when Bitcoin started its rise (marked with red arrows).
I believe it will work as a support until the price shows that it doesn't and breaks it (and stays below).
Possible risk reward is pretty good, almost 5 ratio.
This is not financial advice.
If you do take trades always use stop loss!
First mistake novice trades do is not use them and gets their ass burned!
Check out my analysis on 12th of january "why I think Bitcoin has bottomed"
-Jebu
Note
What is interesting to see is the down trending volume until the breakout, when the down trending volume breaks a little bit.I think volume is one of the most important things to follow when trading. It tells you alot
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