BITCOIN - BULL FLAG...
Keep it plain, simple and minimize the noise!
Here we see a bull flag on the Bitcoin daily, on the inverted scale.
Inverting the chart is great to really bring things into perspective sometimes and see what your missing.
This pattern is a bullish pattern , however every single pattern has the probability of going both ways.
Since breaking this pennant to the downside, then failing the retest we are now back inside.
I am patiently waiting for more structure, as we could continue to form the pattern and break-out, or we could fake out to the downside - and this dump will have been a bear trap.
Key levels to watch - 42k, 44k
We break 42k , likely to continue to form the pattern and could risk breaking out into a dump to the mid/lower 30s.
We break 44k, the bulls can potentially have this pattern break to the downside, confirming a bear trap and a run upwards.
At the moment - the market is sideways, choppy and RISKY.
I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade.
I have also linked an idea to this, that I think is good to keep an eye on.
Comment your ideas down below :)
Here we see a bull flag on the Bitcoin daily, on the inverted scale.
Inverting the chart is great to really bring things into perspective sometimes and see what your missing.
This pattern is a bullish pattern , however every single pattern has the probability of going both ways.
Since breaking this pennant to the downside, then failing the retest we are now back inside.
I am patiently waiting for more structure, as we could continue to form the pattern and break-out, or we could fake out to the downside - and this dump will have been a bear trap.
Key levels to watch - 42k, 44k
We break 42k , likely to continue to form the pattern and could risk breaking out into a dump to the mid/lower 30s.
We break 44k, the bulls can potentially have this pattern break to the downside, confirming a bear trap and a run upwards.
At the moment - the market is sideways, choppy and RISKY.
I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade.
I have also linked an idea to this, that I think is good to keep an eye on.
Comment your ideas down below :)
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