Bitcoin (BTC) Quiet Now, But Is a Big Storm Brewing?
The post Bitcoin (BTC) Quiet Now, But Is a Big Storm Brewing? appeared on BitcoinEthereumNews.com. Bitcoin (BTC) continues to traverse up and down with no big moves in either direction. However, the clouds are starting to gather as something big takes shape just over the horizon. Is this the storm that is going to send Bitcoin into its final blow-off top stage, or will it send the price crashing into the next bear market? Bull flags are bullish When Bitcoin has been going sideways for around three weeks in a bull flag pattern that is much smaller than the previous flag that took around six weeks to break, it is probably time to sit up and start taking notice. A bull flag pattern says it all in the name – it’s bullish. Also, it’s a bull flag pattern that has formed at the back end of this bull market cycle. The probabilities of this breaking to the upside are pretty good. $BTC price back inside bull flag Source: TradingView The 4-hour chart for $BTC shows how the price has now crept its way back into the bull flag after many traders were undoubtedly liquidated due to the sweep down to $112,000. Be that as it may, this test of the $112,000 horizontal support laid a foundation down, confirming it as an important price structure level. The W pattern, which looked as though it might break out, refused to do so, and the price was stopped in its tracks and rejected at the neckline. That said, there is the possibility that the price has another go at the neckline, and a W pattern could still play out, albeit not the original one. RSI points to potential huge move Source: TradingView The daily chart illustrates how the price has been bouncing from the 50-day SMA, and how it has spent the last three days consolidating inside the…
The post Bitcoin (BTC) Quiet Now, But Is a Big Storm Brewing? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) continues to traverse up and down with no big moves in either direction. However, the clouds are starting to gather as something big takes shape just over the horizon. Is this the storm that is going to send Bitcoin into its final blow-off top stage, or will it send the price crashing into the next bear market? Bull flags are bullish When Bitcoin has been going sideways for around three weeks in a bull flag pattern that is much smaller than the previous flag that took around six weeks to break, it is probably time to sit up and start taking notice. A bull flag pattern says it all in the name – it’s bullish. Also, it’s a bull flag pattern that has formed at the back end of this bull market cycle. The probabilities of this breaking to the upside are pretty good. $BTC price back inside bull flag Source: TradingView The 4-hour chart for $BTC shows how the price has now crept its way back into the bull flag after many traders were undoubtedly liquidated due to the sweep down to $112,000. Be that as it may, this test of the $112,000 horizontal support laid a foundation down, confirming it as an important price structure level. The W pattern, which looked as though it might break out, refused to do so, and the price was stopped in its tracks and rejected at the neckline. That said, there is the possibility that the price has another go at the neckline, and a W pattern could still play out, albeit not the original one. RSI points to potential huge move Source: TradingView The daily chart illustrates how the price has been bouncing from the 50-day SMA, and how it has spent the last three days consolidating inside the…
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