BTC forming a very standard bull flag on the 1 day chart

18 oct. 2018

We can see on the 1 day chart so far the pattern appears to be a very run-of-the-mill bull flag. However the pole on this flag is immense and if we do indeed break upward the momentum could take us back above the 1day 200ma(in blue) and up to the 7.2k region. Currently we can see the 50ma(in orange) has taken a slight downward trajectory, while the 200ma has started going sideways making our current chances of a golden cross at this trajectory not possible anytime soon with out an enormous bull surge in price action. Hopefully we will get one of those before year's end. Either way probability favors a break upward but we will have to wait and see what this bull flag wants to do before we can figure out which way its headed it could throw a few fakeouts along the way and even morph into a descending, ascending, or symmetrical pennant as the days progress. With such a long pole though it can continue sideways for quite some time as well before making its decision. Have patience and wait for a clear breakout that is backed by a surge in volume one way or the other. Good luck and thanks for reading! **not financial advice**